An MP called to tighten the grip on foreign remittances to combat money laundering, it was announced yesterday. MP Dr. Jameela Al Sammak said in a press statement yesterday that “supervision on bank accounts and foreign remittances should be enhanced, considering the large numbers of foreigners living in Bahrain and their continuous remittance of money abroad”.
The MP stated, “Bank processes and remittances are frequently used in money laundering operations. We must tighten monitoring all forms of these processes.”
She also mentioned that the payment of salaries of foreign labourers should be monitored, as they’re often paid in cash and are hard to observe.
“More observance is needed on the funds that are usually transferred abroad, making it a necessity to monitor their sources to ensure it’s not misused in illegal activities and curb smuggling funds that are generated from illegal sources,” Al Sammak added.
The MP’s statements are not the first in regards to implement more regulations on foreign remittances. A group of five MPs have been attempting to convince the government to impose fees on each remittance process.
The MPs managed to convince the rest of parliamentarians to pass the proposal recently; yet, the greenlight of Shura Council is needed to refer it to the Government for approval.