Bahrain Accuses Future Bank, Iranian Banks of Money Laundering

The pink supermoon rises next to Bahrain World Trade Centre in Manama, Bahrain April 7, 2020. (Reuters)
The pink supermoon rises next to Bahrain World Trade Centre in Manama, Bahrain April 7, 2020. (Reuters)
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Bahrain Accuses Future Bank, Iranian Banks of Money Laundering

The pink supermoon rises next to Bahrain World Trade Centre in Manama, Bahrain April 7, 2020. (Reuters)
The pink supermoon rises next to Bahrain World Trade Centre in Manama, Bahrain April 7, 2020. (Reuters)

The high criminal court of Bahrain accused on Thursday the Iran-owned Future Bank, five of its officials and several Iranian banks of money laundering.

The bank officials were sentenced to five years in prison and fined 1 million dinars each, report the Bahrain news agency (BNA).

The other involved banks were fined 1 million dinars each and the financial sums at the heart of the case were seized. They are estimated at around 43 million dollars.

Earlier this year, the Public Prosecution said that the Future Bank, which operated under the supervision of Bank Melli Iran and Bank Saderat Iran, carried out thousands of international financial transactions while providing cover for Iranian entities by concealing and deliberately removing basic information when transferring funds via the SWIFT network.

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.



Saudi, US Energy Ministers Visit Kingdom’s First Oil Well

Saudi Minister of Energy Prince Abdulaziz bin Salman, his American counterpart Chris Wright and Aramco CEO Amin Nasser at Well No. 1 in Dammam. (Saudi Energy Ministry)
Saudi Minister of Energy Prince Abdulaziz bin Salman, his American counterpart Chris Wright and Aramco CEO Amin Nasser at Well No. 1 in Dammam. (Saudi Energy Ministry)
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Saudi, US Energy Ministers Visit Kingdom’s First Oil Well

Saudi Minister of Energy Prince Abdulaziz bin Salman, his American counterpart Chris Wright and Aramco CEO Amin Nasser at Well No. 1 in Dammam. (Saudi Energy Ministry)
Saudi Minister of Energy Prince Abdulaziz bin Salman, his American counterpart Chris Wright and Aramco CEO Amin Nasser at Well No. 1 in Dammam. (Saudi Energy Ministry)

Saudi Minister of Energy Prince Abdulaziz bin Salman, his American counterpart Chris Wright and Aramco CEO Amin Nasser visited on Monday the Kingdom’s first ever oil well - Well No. 1 - in the Dammam region.

The well was drilled by the Arabian-American Oil Company - now known as Aramco - in 1935, marking a landmark moment in Saudi Arabia’s history and oil industry.

Wright is an official visit to the region that he kicked off in the United Arab Emirates and followed by Saudi Arabia. Qatar is his next stop.

Prince Abdulaziz and Wright had held talks on aspects of cooperation between their countries in several energy fields.