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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)
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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.

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Kuwait Revokes Citizenship of 1,292 Persons

An aerial view shows Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. (Reuters)
An aerial view shows Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. (Reuters)
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Kuwait Revokes Citizenship of 1,292 Persons

An aerial view shows Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. (Reuters)
An aerial view shows Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. (Reuters)

Kuwaiti authorities revoked on Thursday the citizenship of 1,292 persons, a decision to be presented to the cabinet for deliberations.

Chaired by First Deputy Prime Minister and Minister of Interior Sheikh Fahad Yousef Saud Al-Sabah, the Higher Committee on Verification of Kuwaiti Citizenship decided to revoke the citizenship of 1,292 persons, KUNA said.

The decision, based on articles 10 and 11 of the citizenship act 15 (1959), will be tabled to the cabinet, according to a statement from the Ministry of Interior.