MANAMA: Industry, Commerce and Tourism Minister Zayed Alzayani will deliver the keynote address at a seminar hosted by Bahraini professional services company Keypoint on Wednesday.
The seminar has been developed to help jewellers understand their rights and responsibilities in the continuing fight against money laundering and the financing of terrorism.
“Anti-money laundering and combating the financing of terrorism (AML/CFT) are key priorities for the government, for the ministry – and for the county as a whole,” said Keypoint’s managing director Wajdi Al Jallad.
“We were delighted by the response of the ministry when we suggested working with them on this seminar and we certainly hope that our combined efforts will help Bahrain’s jewellers to become more aware of AML/CFT risks and more proactive in reporting suspicious activities.”
According to Dr Mukund Ballal, a subject matter expert, jewellers in Bahrain are required to develop AML frameworks and comply with Order 173 issued by the ministry.
“This requires AML policies and procedures, a compliance function led by a compliance officer, know your customer processes, the identification and reporting of suspicious transactions and regular reporting.”
As a member – and the host – of the Middle East and North Africa Financial Action Task Force, Bahrain is committed to implementing international AML standards for all sectors.
Dr Ballal stressed that it is not just banks and financial institutions that are used for money laundering.
“Bahrain non-financial businesses and professions – including jewellers – are required to develop and maintain appropriate frameworks to monitor AML risk.”
According to Mr Al Jallad, non-compliance could lead to significant sanctions and penalties.
“AML policies and procedures are designed to prevent and detect transactions using funds from illegal sources. We all have an important role to play in this ongoing struggle.”
Being held at the Downtown Rotana, the seminar is free of charge.
Registration will open at 8.30am and the session is set to start at 9am.
Avinash@gdn.com.bh
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