Al Amn Magazine # 162

49 APRIL 2023 Workshoponfinancial systemsand combatingmoney laundering Shaikha Mai spoke on the use of a risk-based approach in combating money laundering and terrorist financing and related crimes and recognizing cryptocurrency as high risk. She said Bahrain encourages foreign direct investment and financial technology to be an attractive target for legitimate business by stopping the flow of any illegal funds. She added Bahrain hosts headquarters of several virtual asset service providers, which is due to its effectiveness of a strategy of partnership between the public and private sectors. Shaikha Mai referred to the National Centre for Financial Intelligence’s belief that money laundering and terrorist financing are international issues and canonlybe combatedeffectively through politicalcommitment, technicalcapacity and international cooperation, and that it appreciates the technical support it receives from the United States. Several topics that dealt with best practices for investigations related to virtual assets, in addition to the use of tools for monitoring and tracking blockchain, and practical applications for trackingvirtual assets,werediscussed.