Monday, 26 June, 2017
 

International Cooperation

FATF – Financial Action Task Force

The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. The FATF is therefore a 'policy-making body' that works to generate the necessary political will to bring about legislative and regulatory reforms in these areas. The FATF has published 40 + 9 Recommendations in order to meet this objective.

MENAFATF- Middle East & North Africa Financial Action Task Force

The Middle East and North African Financial Action Task Force was formed at an inaugural ministerial meeting in Bahrain on November 30, 2004 to the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing" and working to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. Bahrain is considered one of the first countries to join the membership of the Middle East and North Africa Financial Action Task Force (MENAFATF) to prevent and prohibit money laundering and terrorist financing.

MENAFATF is committed to ensuring compliance among all its member states with the FATF Forty Guidelines and the Nine Special Recommendations on Terrorist Financing.

Egmont Group

Recognizing the benefits inherent in the development of a FID network, in 1995, a group of FIDs met at the Egmont Arenberg Palace in Brussels and decided to establish an informal group for the stimulation of international co-operation. Now known as the Egmont Group of Financial Intelligence Directorates, these FIDs meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise. The Egmont Group aims to consolidate the cooperation and exchange of information among the Directorates concerned with the prevention of money laundering on a global level and develop the technical and infrastructural abilities of the Directorates to prevent the operations related to money laundering and terrorist financing. Bahrain FID has been a member in Egmont along with 127 other jurisdictions
 
 

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