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The decree, amending provisions of a 2001 law, was issued by His Majesty King Hamad during the National Assembly’s recess.
The amendments – as explained by financial and economic affairs committee chairman MP Ahmed Al Salloom – introduce sweeping changes across seven articles, including updated legal definitions, expanded investigative powers, stronger confiscation provisions and enhanced international co-operation mechanisms.
Central to the reforms is the formal designation of the National Financial Intelligence Centre as the executing authority, granting it clearer legal powers to receive suspicious transaction reports, conduct financial analysis and co-ordinate with law enforcement bodies.
Under the revised law, authorities may temporarily suspend or delay suspicious financial transactions for up to 72 hours to allow further investigation, including in response to requests from foreign counterpart agencies.
The decree also strengthens asset-tracing powers, enables joint international investigations and reinforces the obligation to implement UN Security Council sanctions related to terrorism and weapons proliferation without delay.
Meanwhile, Parliament also unanimously approved a government-drafted legislation that would significantly expand social insurance protection for Gulf citizens working outside their home countries within the GCC.
The amendments aim to strengthen insurance protection for GCC nationals employed in another member state by introducing unemployment insurance, widening coverage, modernising subscription collection methods and enhancing co-ordination between civil pension authorities and social insurance agencies across the region.
Proposed amendments to Bahrain’s 2010 Civil Service Law were also approved yesterday. It seeks to reduce working hours and expand annual leave for government employees aged 50 and above. Under the amendments, daily working hours would be reduced progressively based on age. Employees who reach 50 would work one hour less per day, rising to a two-hour reduction at 55 and three hours at 60. At the same time, annual leave entitlements would increase from the current 30 working days to 35 days at age 50, 40 days at 55 and 45 days at 60.
Meanwhile, MPs also unanimously approved three other proposals and referred them to the Cabinet for review:
- Establishing a youth centre in Wadi Al Sail
- Developing the Heritage Village in Askar
- Turning the soon-to-be-closed landfill site in Hafeera into family recreational projects.
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