Ministerial edict on combating money laundering, terror financing

Minister of Justice, Islamic Affairs and Endowments, Shaikh Khalid bin Ali Al Khalifa, issued a ministerial edict stipulating the commitments of notaries public and legal documentation officers to implement measures and controls specified in Decree-Law 4/2001 on combating money laundering and financing of terrorism. 

The edict issued in light of commitment to the Middle East and North Africa Financial Action Task Force (MENAFATF) on combating money laundering and financing of terrorism, and in accordance with the FATF 40 recommendations and international standards in this regard. 

Under the edict, the Interior Ministry’s Follow-up Unit shall be notified of any doubtful data or activities thought to be relative to money laundering or financing of terrorism, especially in real estate contracts, power of attorney on bank accounts, securities, debt securities or other assets. 

The edict also specifies that the Interior Ministry’s Follow-up Unit will be tasked with overseeing the commitment of notaries and documentation offices to the implementation of laws and legislation relating to combating money laundering and financing of terrorism.