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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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Gulf

Saudi-Palestinian Discussions Focus on Gaza, the West Bank

The Saudi Foreign Minister met on Wednesday in Riyadh with Vice President of the State of Palestine and Vice Chairman of the PLO's Executive Committee. SPA
The Saudi Foreign Minister met on Wednesday in Riyadh with Vice President of the State of Palestine and Vice Chairman of the PLO's Executive Committee. SPA
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Saudi-Palestinian Discussions Focus on Gaza, the West Bank

The Saudi Foreign Minister met on Wednesday in Riyadh with Vice President of the State of Palestine and Vice Chairman of the PLO's Executive Committee. SPA
The Saudi Foreign Minister met on Wednesday in Riyadh with Vice President of the State of Palestine and Vice Chairman of the PLO's Executive Committee. SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah met on Wednesday in Riyadh with Vice President of the State of Palestine and Vice Chairman of the Executive Committee of the Palestine Liberation Organization (PLO) Hussein Al Sheikh.

During the meeting, they discussed developments in the Gaza Strip and the West Bank, including the dire humanitarian conditions facing Gaza residents, ongoing Israeli violations of the ceasefire, and Israeli escalation in the West Bank. They stressed the importance of the unhindered delivery of humanitarian aid.

The two sides also underlined the need for the release of Palestinian Authority funds, the protection of the Palestinian banking system, and commitment to implementing the comprehensive peace plan put forward by US President Donald Trump.

The meeting highlighted Saudi Arabia’s support for the reform program launched by Palestinian President Mahmoud Abbas and praised the efforts of the US president.

The two sides affirmed the importance of connecting Gaza to the West Bank and continuing efforts, in coordination with brotherly countries and international partners, to ensure the legitimate rights of the Palestinian people, including the realization of an independent state with East Jerusalem as its capital.

The meeting was attended by Advisor to the Foreign Minister for Political Affairs Prince Musab bin Mohammed Al Farhan and Minister Plenipotentiary at the Ministry of Foreign Affairs Manal Radwan.

Gulf

Saudi Arabia Stresses Support for Somalia’s Sovereignty

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
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Saudi Arabia Stresses Support for Somalia’s Sovereignty

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah received a phone call on Wednesday from Somali Minister of Foreign Affairs and International Cooperation Abdisalam Abdi Ali.

Discussions stressed the importance of preserving the sovereignty, unity and territorial integrity of Somalia and addressed regional developments and other issues of mutual concern.

Gulf

Saudi Crown Prince, Pakistan’s PM Discuss Regional Developments

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
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Saudi Crown Prince, Pakistan’s PM Discuss Regional Developments

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. SPA

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, received a phone call from Pakistani Prime Minister Muhammad Shehbaz Sharif, the Saudi Press Agency reported on Wednesday.

During the call, both sides reviewed bilateral relations and explored ways to expand cooperation, in addition to discussing developments in the region and the world, SPA said.