Bahrain Prosecution Issues Rulings on Iranian Banks over Money-Laundering Charges

Public Prosecution via AAAWSAT AR.
Public Prosecution via AAAWSAT AR.
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Bahrain Prosecution Issues Rulings on Iranian Banks over Money-Laundering Charges

Public Prosecution via AAAWSAT AR.
Public Prosecution via AAAWSAT AR.

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 with up to BD14 million and ordered the confiscation of the illegal transfer amounts that reached BD500,000, chief prosecutor Mohammed Jamal Sultan said.

According to the case documents, the public prosecution has discovered an Iranian plot involving several entities, including some that are sanctioned internationally for funding terrorism, to carry out financial transactions while evading scrutiny.

Future Bank, operating under the supervision of Bank Melli Iran and Bank Saderat Iran, made 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.

The public prosecution is still investigating the remaining illegal activities that include how the Iranian banks carried out international transactions in violation of the law prohibiting and combating money laundering and terrorism financing, as well as the laws and banking regulations in force in the kingdom, he added.



Saudi Arabia Extends Condolences to Kuwait over Victims of Mangaf Fire

File photo of Saudi flag/Asharq Al-Awsat
File photo of Saudi flag/Asharq Al-Awsat
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Saudi Arabia Extends Condolences to Kuwait over Victims of Mangaf Fire

File photo of Saudi flag/Asharq Al-Awsat
File photo of Saudi flag/Asharq Al-Awsat

 

Saudi Arabia has expressed profound sorrow over the tragic loss of lives and injuries caused by a fire in Kuwait's Mangaf district, the Saudi Press Agency said on Thursday.
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, sent separate cables of condolences to Kuwait's Emir Sheikh Meshal al-Ahmad al-Jaber al-Sabah.
They expressed deepest condolences and sincere sympathy to the Emir and to the families of the victims and to the people of Kuwait, wishing the injured a speedy recovery.
In an official statement, the Saudi Ministry of Foreign Affairs conveyed Saudi Arabia’s deepest condolences and sincere sympathy to the families of the victims, as well as to the government and people of Kuwait.
The Ministry reaffirmed Saudi Arabia’s solidarity with Kuwait during this difficult time and extended heartfelt wishes for the safety and well-being of Kuwait, its citizens, and all residents within its borders.
At least 35 people died and 15 others were injured in an apartment building fire in Mangaf area in Kuwait’s southern Ahmadi Governorate, the country's state-run news agency reported Wednesday.