Committee members, headed by MP Abdulrahman Buali, asserted that the proposal restricts financial transactions and the flow of capitals, adding that it may create illegal channels for money transferring and may push investors out of Bahrain.
Additionally, CBB informed the committee that the proposal, if implemented, would have a negative impact on foreign banks and the official exchange rates.
BCCI mentioned similar reasons to reject the proposal and added that it contradicts with the Kingdom’s commitments in combatting money laundering and financing terrorism.
The Chamber also mentioned that the move would harm expats and damage the kingdom’s free economy policies and reputation.
Source – DT
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