عربي English Türkçe اردو فارسى
Logo
Latest News
Gulf

Bahrain Prosecutes Iranian Bank Officials for Money Laundering

Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)
Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)
TT
TT

Bahrain Prosecutes Iranian Bank Officials for Money Laundering

Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)
Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)

Bahrain's prosecution on Thursday submitted a case involving several people accused of money laundering for Iran and violating sanctions on Tehran through the Manama-based Future Bank.

Attorney General Ali bin Fadhel al-Buainain said: “Bahrain's Public Prosecution Office has sent over to the court the cases of the people suspected of laundering enormous sums of money for Iran through one of the largest Bahraini banks, Future Bank, to finance terrorist activities.”

He added: “The central bank conducted an investigation with the bank's employees and checked tens of thousands of documents with the participation of the interior ministry and independent international experts.”

Future Bank, which was based in Bahrain but set up and controlled by Iran’s Bank Saderat and Bank Melli, was shut down by Bahraini authorities in 2017.

“The bank has conducted thousands of financial operations providing cover to Iranian companies. The bank managed to hide approximately USD5 billion by conducting off-the-books operations," Buainain said.

Further investigations found the bank to have executed thousands of international financial transactions worth USD7 billion while concealing the involvement of Iranian entities.

Staff deliberately removed information when transferring money via the SWIFT network – an illicit practice referred to as “wire stripping”. Another technique involved a covert messaging service as an alternative to SWIFT, which concealed transactions from Bahraini regulators.

Rasheed al-Maraj, the CBB governor, said the complexity and magnitude of the investigations were compounded by the need to disentangle the subterfuge of Iranian-backed financing of terrorism.

“Bahrain is committed to full implementation of international standards in combating money laundering and the financing of terrorism,” he said. “Investigating and prosecuting violations is an essential part of protecting the integrity of the international financial system.”

Bahraini authorities suspended activities of the bank in 2012 due to UN sanctions on Iran. Manama has been accusing the bank of being a terrorism financing channel since Feb. 14, 2011.

Most Viewed

 
 
Gulf

Coalition Intercepts Houthi Ballistic Missile Targeting Khamis Mushait

Major General Turki Al-Malki, Spokesperson for the Coalition to Restore Legitimacy in Yemen (Asharq Al-Awsat)
Major General Turki Al-Malki, Spokesperson for the Coalition to Restore Legitimacy in Yemen (Asharq Al-Awsat)
TT
TT

Coalition Intercepts Houthi Ballistic Missile Targeting Khamis Mushait

Major General Turki Al-Malki, Spokesperson for the Coalition to Restore Legitimacy in Yemen (Asharq Al-Awsat)
Major General Turki Al-Malki, Spokesperson for the Coalition to Restore Legitimacy in Yemen (Asharq Al-Awsat)

Official Spokesperson of the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki stated on Friday that a ballistic missile launched by the terrorist Houthi militia toward Khamis Mushait was intercepted and destroyed.

Gulf

Arab and Islamic Bodies Condemn Houthi Attack on Power Station in Saudi Arabia’s Madinah

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT
TT

Arab and Islamic Bodies Condemn Houthi Attack on Power Station in Saudi Arabia’s Madinah

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

Several Arab and Islamic bodies on Friday condemned a Houthi attack that targeted a power station in Saudi Arabia’s Madinah that supplies electricity to the Prophet’s Mosque and other civilian facilities.

Kuwait, Qatar, the Arab League, the OIC, Egypt, Lebanon, Sudan, the Muslim World League, the Arab Parliament president, GCC, Al-Azhar, and the Presidency of Religious Affairs at the Grand Mosque and the Prophet's Mosque condemned the attack, saying it violated the Kingdom's sovereignty and breached international law.

The condemnations described the attack as a threat to civilian infrastructure and expressed solidarity with Saudi Arabia, while stressing the need to protect holy sites and civilian facilities from attacks.

They also renewed full solidarity with Saudi Arabia and reaffirmed support for the Kingdom in confronting attacks targeting its security, stability, and sovereignty, as well as the safety of its citizens and residents.

Gulf

Coalition: Terrorist Houthi Militia Targets Taibah Power Distribution Station in Madinah

Damage is seen at the station from the Houthi attack. (SPA)
Damage is seen at the station from the Houthi attack. (SPA)
TT
TT

Coalition: Terrorist Houthi Militia Targets Taibah Power Distribution Station in Madinah

Damage is seen at the station from the Houthi attack. (SPA)
Damage is seen at the station from the Houthi attack. (SPA)

Official Spokesperson of the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki announced on Thursday that the terrorist Houthi militia in Yemen was behind a terrorist attack on the Taibah electricity distribution station in Madinah.

The attack took place at 5:11 am on Tuesday. The investigation and evidence gathered by the relevant authorities confirmed the involvement of the Houthi militia in planning and executing this “cowardly” terrorist act, based on after action review and the wreckage of the drone used.

The attack resulted in one power transformer being taken out of service, without affecting the electricity network.

Debris of the drone used by the terrorist Houthi in the attack. (SPA)

“The cowardly terrorist act, targeting a civilian facility providing electricity to the Prophet's Mosque in Madinah, is a continuation of this extremist militia's attempts to target the Two Holy Mosques and their deliberate provocation of millions of Muslims worldwide by targeting Makkah and Madinah,” said Al-Malki.

“The Coalition continues to take and implement measures to deter the terrorist Houthi militia, ensuring the protection of the Two Holy Mosques and the safety of the pilgrims in Makkah and Madinah,” he stressed.

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi strongly condemned the attack.

He stressed that “this heinous Houthi attack has crossed all red lines, represents a blatant provocation to the sentiments of Muslims across the world, and constitutes a grave escalation in violating the sanctity of Islamic holy sites.”

It reveals “an aggressive approach that disregards religious and humanitarian values as well as international laws and norms, particularly in light of repeated attempts to target the Two Holy Mosques and their surrounding areas.”

Damage is seen at the plant as a result of the Houthi attack. (SPA)

Albudaiwi underscored the GCC member states' “steadfast and unwavering stance alongside Saudi Arabia and their full solidarity in confronting anything that threatens its security, stability, and sovereignty.”

He reiterated “complete support for all measures taken by the Kingdom to protect its territory, citizens, residents, and pilgrims,” stressing that the security of the Kingdom and its holy sites “is an integral part of the collective security of the GCC, and that any threat to the Kingdom is a threat to the security of all GCC member states.”

The Jordanian government condemned the Houthi attack as an “outrageous violation of Saudi Arabia's sovereignty, a threat to its security, stability, and territorial integrity, and a clear breach of international law and the UN Charter.” 

Official Spokesperson of the Jordanian Ministry of Foreign Affairs Ambassador Fuad Al-Majali expressed Jordan's full solidarity with Saudi Arabia.  

He reaffirmed Jordan's support for all measures taken to ensure the security and safety of its citizens and residents. 

President of the Arab Parliament Mohamed Al-Yammahi strongly condemned the attack, stressing that “such criminal acts constitute a flagrant violation of the sanctity of holy sites, provoke the feelings of Muslims around the world, and threaten the security and stability of the region, rather than the Kingdom’s security alone.” 

Al-Yammahi affirmed the Arab Parliament’s full solidarity with Saudi Arabia and its support for all measures it takes to confront such terrorist acts.  

“Such terrorist acts will not undermine Saudi Arabia’s ability to protect its resources, security, and the safety of its citizens and residents,” he added.