Bahrain audit firm in the dock for money laundering
TDT | Manama
The Ministry of Industry, Commerce and Tourism (MOICT) referred an audit firm to the Public Prosecution for violations related to Anti Money Laundering laws.
The firm, the ministry said, failed to apply the Customer Due Diligence (CDD) and followed the non-application of the risk-based approach.
Ministry also found that the firm kept a dedicated disclosure paragraph related to Anti Money Laundering within the Audit Opinion, violating the requirements of order no. (173) of 2017 concerning Prohibition of and Combating Money Laundering and Terrorism Finance of businesses registered in the commercial register and the audit Registry of Bahrain.
MOICT said it would spare no effort for enhancing clarity, sustainability, and confidence in the business and economic environment of Bahrain.
The move, the ministry said, aims at enhancing the Kingdom’s reputation and status, and follows its commitment to having a solid regulatory framework related to Anti Money Laundering and Terrorism Financing.
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