Bahrain Fines Iranian Banks on Money Laundering Charges
Bahrain’s High Criminal Court on Thursday sentenced three Iran-owned Future Bank officials to five years in jail and fined each with up to 1 million Bahraini dinars ($2.65 million) in two money-laundering cases, Bahrain News Agency reported.
The court also fined Future Bank and three other banks BD14 million and ordered the confiscation of the illegal transfer amounts that reached BD500,000, chief prosecutor Mohammed Jamal Sultan said.
Future Bank, operating under the supervision of Bank Melli Iran and Bank Saderat Iran, carried out thousands of international financial transactions while providing covers for Iranian entities by concealing and deliberately removing basic information when transferring funds via the SWIFT network, the chief prosecutor said.
