Bahrain22 November 20152 min read

Non-profit firms urged to ensure transparency

N on-profit and voluntary organisations were encouraged to become part of the official financial sector, during the workshop held yesterday by the Ministry of Foreign Affairs and the Central Bank of Bahrain. The proposal was made to prevent such charitable organisations from beco

Editorial Team Legacy

Published 22 November 2015, 8:00 · Updated 21:44

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Non-profit firms urged to ensure transparency

Non-profit and voluntary organisations were encouraged to become part of the official financial sector, during the workshop held yesterday by the Ministry of Foreign Affairs and the Central Bank of Bahrain.

The proposal was made to prevent such charitable organisations from becoming financiers of terror groups and to ensure transparency.

The workshop urged the organisations to conduct regular auditing and confirm the identity and the status of the beneficiaries of the services, including major donors.

It called to facilitate for the relevant authorities to get the information they need from such organisations to create appropriate mechanisms and ensure the exchange of information about the misuse of such organisations for financing terrorism, with all the relevant authorities.

The workshop stressed the need to enhance international ties to ensure the implementation of effective control over international activities of the organisations, including the flow of funds, as well as to promote the exchange of information between stakeholders and the relevant authorities.

It stressed not to disrupt the regulatory measures for legitimate charitable activities, which aim to promote transparency, integrity and public confidence in the management and work of all non-profit organisations.

The meeting agreed on the continuous communication with non-profit organisations to ensure that they improve their performance and raise awareness among their workers on the risk of the misuse of charitable work as a cover for terrorist financing, besides steps that can be taken to avoid it.

The workshop is implementation of the recommendations of the Manama Declaration on combating the financing of terrorism held in Bahrain by the foreign affairs and finance ministries in November 2014.

The meeting reaffirmed recommendations in line with the international law provisions and the UN international strategy related to combating terrorism.

Non-profit firms urged to ensure transparency

Editorial Team Legacy

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