Bahrain: Bank Officials Sentenced to 5 years in Jail, fined BD100,000
Chief Prosecutor Mohammed Jamal Sultan said the High Criminal Court issued yesterday its verdict in five money laundering cases, in which three officials from Future Bank and three Iranian banks were implicated.
The court held the suspects guilty and sentenced the Future Bank officials to five years in jail and fined each one of them BD100,000. It also fined the implicated banks the same amount and ordered the confiscation of the remitted money, the subject of the crime.
It has been found out that Future Bank, which is operating under the supervision of Bank Melli Iran and the Export Development Bank of Iran, has carried out thousands of international financial transactions while providing covers for the Iranian entities there through deliberate concealment or removal of basic information while remitting money via the SWIFT network.
