The Ministry of Industry, Commerce and Tourism (MOICT) referred an audit firms to the Public Prosecution after several violations were discovered  including the failure to apply the Customer Due Diligence (CDD) and the non-application of the risk-based approach, and having a dedicated disclosure paragraph related to Anti Money Laundering within the Audit Opinion,  which violates the requirements of order no. (173) of 2017 as amended by the Ministerial Order (108) of 2018 concerning the obligations related to the procedures of the Prohibition of and Combating Money Laundering and Terrorism Finance in the business of the persons registered in the commercial register and the audit Registry in the Kingdom of Bahrain.

In this regard, the Ministry of Industry, Commerce and Tourism (MOICT) reported their full commitment to applying the legislative decree no. (4) of 2001 concerning the Prohibiting and Combating Money Laundering and Terrorism Financing, and all the other Ministerial orders, regulations and instructions issued in accordance with this legislative decree, and that MOICT would spare no effort capturing  all violations and take the necessary legal action with in accordance to the provisions of the law, with the aim of enhancing the clarity, sustainability, and confidence in the business and economic environment in the Kingdom of Bahrain, in which that contributes in attracting investments and enhancing the Kingdom’s reputation and rank in all levels. , and this confirms the Kingdom of Bahrain's intention and commitment to have a solid regulatory framework related to Anti Money Laundering and Terrorism Financing, and the application of all legal requirements for violations.