Public Prosecution in Bahrain referred the Central Bank of Iran and several other banks to criminal trial on charges of laundering more than $1.3 billion through the Manama-based Future Bank, which the kingdom shut in 2016.
Bahrain's Attorney General Dr. Ali bin Fadhel Al Buainain said that following intensive investigations conducted by the Public Prosecution in relation to money laundering allegations against officials of Future Bank in Bahrain and associated Iranian banks abroad during 2008-2012, other unlawful banking practices have been uncovered.
The Central Bank of Iran issued instructions to Future Bank on the use of an unapproved alternative transfer system to complete banking operations with the aim of concealing the source and movement of funds, benefitting Iranian banks and circumventing international sanctions and restrictions on transactions imposed against Iranian entities.
Future Bank officials, in conjunction with other Iranian bank officials and the Central Bank of Iran, carried out sending and transferring operations. They received more than $1.3 billion via an alternative system. Funds were transferred and received, kept as a discount, added to the account of Iranian banks, settled in bank accounts, and had their source concealed to enable those banks to complete unlawful transfers of funds, as part of a huge money laundering scheme.
Based on the weight of physical evidence, the Public Prosecution has referred a number of accused for prosecution, including Future Bank, Bank Melli Iran, Bank Saderat Iran and other Iranian banks, in addition to the Central Bank of Iran.
Investigations continue into other similar violations carried out through Future Bank and Iranian banks, with the aim of determining further criminal conduct, its temporal and spatial extent, and the deviations of funds that are the subject of those crimes. It is expected that further suspects will be identified.
