Bahrain: New prosecution office to handle financial crimes

Dubai: Bahrain has set up a prosecution office to tackle financial crimes and money laundering, Bahrain News Agency reported on Monday.

The move, announced by Bahrain’s Attorney General Ali Fadhl Al Buainain, follows the royal order on prohibiting and combating money laundering and terrorist financing.

The new prosecution office will be headed by a public advocate who will be assisted by Public Prosecution’s members.

The office is specialised in the crimes stipulated in the Penal Code as well as in special criminal laws and financial and supervisory legislation that include crimes of bribery, embezzlement, appropriation, facilitating the appropriation of public funds, deliberate damage to public funds with the intention of making profits, causing damage through negligence or treachery and abuse of office or influence.

It will also investigate money-laundering crimes stipulated in Law 4 of 2001 regarding the prohibition and combating of money laundering as well as crimes related to financial disclosure.

The establishment of the office marks a fundamental step in the fight against financial crime and money-laundering cases in order to tackle such crimes and ensure a full time dedication to the investigation and action on the reports received by the Public Prosecution, Al Buainain, said.

The important move comes amid the existence of several procedures stated in the financial and economic legislation and law on prohibiting and fighting money laundering and the requirements to investigate such crimes, especially with regard to gathering evidence and recovering funds.

The office will be responsible for establishing an electronic database for cases involving financial crimes and decisions related to controlling illegal funds as per international standards in combatting crime.