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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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Saudi Arabia Urges International Community to Halt Israeli Violations of International Law, Norms

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud charing Tuesday's cabinet session - SPA
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud charing Tuesday's cabinet session - SPA
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Saudi Arabia Urges International Community to Halt Israeli Violations of International Law, Norms

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud charing Tuesday's cabinet session - SPA
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud charing Tuesday's cabinet session - SPA

The Kingdom of Saudi Arabia reiterated its call upon the international community to fulfill its responsibility in halting Israel's ongoing violations of international law and norms. This came during the cabinet session held on Tuesday, which was chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

The Cabinet also stressed the importance of respecting state sovereignty and territorial integrity to prevent further escalation of regional crises and to support efforts toward achieving a just and comprehensive peace.

The Cabinet was further briefed on the message that the Custodian of the Two Holy Mosques received from Republic of Senegal President Bassirou Diomaye Faye, and the two phone calls received by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud from President of Ukraine Volodymyr Zelenskyy and President of Brazil Luiz Inácio Lula.
The Cabinet reviewed the outcomes of the Crown Prince's meeting with Prime Minister of the Hellenic Republic Kyriakos Mitsotakis and of the strategic partnership council between the two friendly countries, which included reviewing cooperation ties and means to enhance them across various fields and exchanging views on developments of mutual interest and ongoing efforts in this regard.
In a statement to SPA following the session, Minister of Media Salman Al-Dossary highlighted the Cabinet's discussion of current regional and international developments. The Cabinet commended the broad international participation in the recent ministerial meetings on Syria hosted by the Kingdom, which aim to support the Syrian people through humanitarian and economic assistance and to help them rebuild Syria as a unified, independent, and secure nation for all its citizens. The Cabinet emphasized that Syria must be free from terrorism and any aggression against its sovereignty and territorial integrity.

The meeting also reviewed the Kingdom's ongoing international development and humanitarian relief efforts, which aim to alleviate the suffering of those in need worldwide.