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  • FC-8.1 FC-8.1 Special Measures for Non-Cooperative Countries or Territories ('NCCTs')

    • FC-8.1.1

      Islamic bank licensees must give special attention to any dealings they may have with entities or persons domiciled in countries or territories which are:

      (a) identified by the FATF as being "non-cooperative"; or
      (b) notified to Islamic bank licensees from time to time by the BMA.

    • FC-8.1.2

      Whenever transactions with such parties have no apparent economic or visible lawful purpose, their background and purpose must be re-examined and the findings documented. If suspicions remain about the transaction, these must be reported to the relevant authorities in accordance with Section FC-5.2.