THE KINGDOM OF BAHRAIN’S NATIONAL RISK ASSESSMENT 2025

3 Case Study No. 3 – Trade-Based ML using Money or Value Transfer Services ....................................... 26 Sectoral Threat Assessment ..........................................................................................27 International Money Laundering Threat ............................................................................................ 27 Money Laundering Threat from Other Countries................................................................................ 28 SECTORAL ANALYSIS ............................................................................................................ 28 Financial Institutions ....................................................................................................28 Retail Banks ................................................................................................................................... 28 Wholesale Banks ............................................................................................................................ 29 Money Changers............................................................................................................................. 30 Virtual Asset Service Providers......................................................................................................... 31 Case Study No. 4 – ML– Crypto ........................................................................................................ 32 Ancillary Service Providers and Payment Service Providers................................................................ 33 Financing and Micro-Financing Sector ............................................................................................. 34 Insurance Sector ............................................................................................................................ 35 Investment Business Firms.............................................................................................................. 36 Designated Non-Financial Businesses and Professions (DNFBPs)...................................................... 36 Lawyers Sector ............................................................................................................................... 37 Jewellery and Precious Metals Dealers (DPMS) ................................................................................. 37 Real Estate Agents .......................................................................................................................... 38 Accountancy and the Audit Sector ................................................................................................... 39 Notaries Sector............................................................................................................................... 40 Trusts Service Providers .................................................................................................................. 40 CONCLUSION ....................................................................................................................... 41 SECTION 2 – TERRORIST FINANCING & PROLIFERATION FINANCING AND NPO RISK ASSESSMENT ....................................................................................................................... 43 TERRORIST FINANCING RISK ASSESSMENT AT A NATIONAL LEVEL ......................................... 43 Case Study No. 5 – Dismantling a Terrorist Network........................................................................... 45 TERRORIST FINANCING RISK AT SECTORAL LEVEL .................................................................................. 46 Overall TF Risk ................................................................................................................48 NON-PROFIT ORGANISATIONS RISK ASSESSMENT................................................................. 48 PROLIFERATION FINANCING RISK ASSESSMENT .................................................................... 48 Overall Conclusion: ..........................................................................................................49