Bahrain Fines Iranian Banks Implicated in Money Laundering

A night view of Manama, Bahrain. (Reuters)
A night view of Manama, Bahrain. (Reuters)
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Bahrain Fines Iranian Banks Implicated in Money Laundering

A night view of Manama, Bahrain. (Reuters)
A night view of Manama, Bahrain. (Reuters)

Bahrain's High Criminal Court sentenced on Thursday three Future Bank officials to five years in prison each and imposed up to $1 million fines in a series of money-laundering cases committed by the Central Bank of Iran and other banks.

The court sentenced the Central Bank of Iran and the other banks implicated in the wide money-laundering scheme to fines of $1 million each, General Advocate Nayef Youssef Mahmood said.

The total of fines imposed on the Iran Central Bank, other Iranian banks and the three Future Bank officials in seven cases reached $47 million.

The court also ordered the confiscation of the illegally transferred money that reached $13 million, Nayed said, according to the Bahrain News Agency.

The Public Prosecution had previously announced that its investigations had revealed that the Central Bank of Iran planned to launder billions of dollars through the Future Bank that was established in Bahrain and controlled by two Iranian banks, Bank Melli Iran and Bank Saderat Iran, to pass suspicious financial transactions in favor of Iranian entities, mainly the Central Bank of Iran, in violation of laws and regulations.



Saudi Arabia Calls on G20 Nations to Support UN Efforts in Measuring Corruption

Mazen Al-Kahmous, President of the Saudi Oversight and Anti-Corruption Authority (SPA)
Mazen Al-Kahmous, President of the Saudi Oversight and Anti-Corruption Authority (SPA)
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Saudi Arabia Calls on G20 Nations to Support UN Efforts in Measuring Corruption

Mazen Al-Kahmous, President of the Saudi Oversight and Anti-Corruption Authority (SPA)
Mazen Al-Kahmous, President of the Saudi Oversight and Anti-Corruption Authority (SPA)

Saudi Arabia on Thursday urged G20 nations to support the United Nations Development Programme (UNDP) in measuring corruption by exchanging information and best practices, contributing to sustainable development goals.

Mazen Al-Kahmous, President of Saudi Arabia’s Oversight and Anti-Corruption Authority, made the appeal during the third G20 Anti-Corruption Ministerial Meeting held in Natal, Brazil.

The meeting focused on cooperation in enforcing anti-corruption laws, enhancing accountability and transparency, recovering assets, and fighting all forms of corruption under international agreements. It also reviewed G20 accomplishments in these areas.

Al-Kahmous commended the Saudi leadership’s support for anti-corruption since the launch of Saudi Vision 2030, which established a national strategy and advanced partnerships and international cooperation against transnational corruption.

He highlighted the G20’s pivotal role in creating a fairer world and a sustainable future, noting initiatives like the GlobE Network, which aims to strengthen international cooperation, recover assets, and enable information exchange among relevant agencies.

Al-Kahmous expressed hope that G20 nations would play a central role in advancing the network, aligned with prior G20 agreements and the resolutions from the UN Convention against Corruption.

He stressed that the Global Program on Corruption Measurement seeks to address challenges and support countries, investors, donors, and other stakeholders in assessing anti-corruption efforts. He expressed hope that, by the end of its second phase, the program will provide reliable, transparent indicators that respect the political and legal diversity of each country.

The meeting approved the G20 Anti-Corruption Action Plan for 2025-2027, which emphasizes combating money laundering, ensuring transparency in beneficial ownership, and aligning with Financial Action Task Force (FATF) recommendations.

The G20 meeting, under Brazil’s presidency, also endorsed documents from the Anti-Corruption Working Group, including high-level principles for private sector incentives to adopt comprehensive integrity measures, along with the “2024 Accountability Report.”

Saudi Arabia initiated the first ministerial anti-corruption meeting during its G20 presidency in 2020 to strengthen political commitment to anti-corruption and enhance cooperation among member states.