DIRTY MONEY ALERT

Aug

24

2014

A special squad monitoring dirty money in Bahrain has reported a surge in suspicious transactions.

The Financial Intelligence Directorate (FID) has received 50 per cent more suspicious transaction reports (STRs) – which are submitted by banks, money exchanges, insurance companies and the Industry and Commerce Ministry ‘“ compared with last year.

The STRs are designed to flag questionable financial activity and 354 were registered between January and June this year ‘“ compared with just 237 in the first six months of last year.

Officials from the FID, which was founded in 2001 as the Anti-Money Laundering Unit, work in tandem with the Central Bank of Bahrain and other government agencies in a bid to crack down on dubious financial dealings.

Source: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=384496

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