Bahrain has launched a major crack down on individuals and companies collecting money from people for unlicensed investments. Middlemen, fiduciaries and procurators mediating in such activities will be jailed and fined up to BD100,000 ($26,520), TradeArabia News Service reported. The weekly Cabinet session, chaired by Prime Minister Prince Khalifa bin Salman Al Khalifa in Gudaibiya Palace, Sunday approved a draft law to combat bogus companies. It mandates approval of the Central Bank of Bahrain and authorities before embarking on such schemes. The Cabinet vowed to deal positively and transparently with parliament and Shoura Council to strengthen trust as well as promote mutual respect and the democratic march. “Relation between executive and legislative authorities will not be affected by mistakes or mis-steps,” the Premier said. The government will not accept any justification or act which might affect relations between both authorities, he added. Ministries and government departments were urged to fulfill requirements of the National Audit Court and provide it with a report on administrative and financial violations and irregularities. They were also ordered to streamline visa procedures for businessmen, investors and tourists, particularly at the airport. Deputy Premier Shaikh Ali bin Khalifa Al Khalifa submitted a report, urging a viable mechanism to promote openness, keeping in mind security, economic and tourism needs.
