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Bahrain Prosecutes Iranian Bank Officials for Money Laundering

Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)
Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)
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Bahrain Prosecutes Iranian Bank Officials for Money Laundering

Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)
Workers cross the pedestrian bridge during rush hour from Bahrain Financial Harbor to downtown Manama, during the early evening hours in Manama, Bahrain, Nov.12, 2018. (Reuters)

Bahrain's prosecution on Thursday submitted a case involving several people accused of money laundering for Iran and violating sanctions on Tehran through the Manama-based Future Bank.

Attorney General Ali bin Fadhel al-Buainain said: “Bahrain's Public Prosecution Office has sent over to the court the cases of the people suspected of laundering enormous sums of money for Iran through one of the largest Bahraini banks, Future Bank, to finance terrorist activities.”

He added: “The central bank conducted an investigation with the bank's employees and checked tens of thousands of documents with the participation of the interior ministry and independent international experts.”

Future Bank, which was based in Bahrain but set up and controlled by Iran’s Bank Saderat and Bank Melli, was shut down by Bahraini authorities in 2017.

“The bank has conducted thousands of financial operations providing cover to Iranian companies. The bank managed to hide approximately USD5 billion by conducting off-the-books operations," Buainain said.

Further investigations found the bank to have executed thousands of international financial transactions worth USD7 billion while concealing the involvement of Iranian entities.

Staff deliberately removed information when transferring money via the SWIFT network – an illicit practice referred to as “wire stripping”. Another technique involved a covert messaging service as an alternative to SWIFT, which concealed transactions from Bahraini regulators.

Rasheed al-Maraj, the CBB governor, said the complexity and magnitude of the investigations were compounded by the need to disentangle the subterfuge of Iranian-backed financing of terrorism.

“Bahrain is committed to full implementation of international standards in combating money laundering and the financing of terrorism,” he said. “Investigating and prosecuting violations is an essential part of protecting the integrity of the international financial system.”

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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Iranian Official to Asharq Al-Awsat: Committed to Peace and Stability with Saudi Arabia

Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)
Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)
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Iranian Official to Asharq Al-Awsat: Committed to Peace and Stability with Saudi Arabia

Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)
Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)

Iranian Deputy Foreign Minister Majid Takht Ravanchi reaffirmed Iran and Saudi Arabia’s mutual determination to establish lasting peace and stability in the region.
Speaking to Asharq Al-Awsat during his visit to Riyadh, Ravanchi emphasized that achieving this goal requires sustained bilateral and regional cooperation to address current threats and build a foundation for prosperity and security.
During his meetings with the Saudi Vice Minister of Foreign Affairs, Eng. Waleed ElKhereiji, Ravanchi discussed strengthening bilateral relations in political, economic, and consular fields, and explored key regional and international issues.
He described Saudi-Iranian efforts as a “successful model of bilateral and multilateral cooperation,” aimed at fostering peace, security, and development on both regional and international levels. Ravanchi underscored the importance of historical ties and the principle of good neighborliness as the basis for advancing this relationship.
Following the second meeting of the Saudi-Chinese-Iranian trilateral committee in Riyadh, both Saudi Arabia and Iran reiterated their full commitment to implementing the Beijing Agreement, according to a statement by the Saudi foreign ministry. The accord, mediated by China, aims to restore diplomatic ties and promote mutual respect for sovereignty and security in accordance with the principles of the UN Charter, the Organization of Islamic Cooperation (OIC), and international law.
China praised the progress achieved since the agreement’s signing, including the reopening of embassies and increased bilateral engagement. It pledged to continue supporting Saudi-Iranian efforts to deepen their cooperation and maintain regional stability.
Ravanchi, who previously served as Iran’s ambassador to the United Nations and was a member of the Iranian nuclear negotiating team with the P5+1, described the atmosphere of the meetings as “cordial and transparent.” He added that the three nations exchanged views on topics of mutual interest and stressed the importance of continuing this “positive and forward-looking process.” He also revealed “constructive and friendly” meetings held by the Iranian delegation with their Saudi hosts and Chinese counterparts, during which they discussed enhancing bilateral and trilateral cooperation and reviewed developments in relations over the past year.
One significant development has been the improvement in consular services. Over 87,000 Iranian pilgrims performed Hajj, and more than 52,000 completed Umrah in the past year, demonstrating enhanced coordination. Additionally, the first meeting of the Saudi-Iranian Joint Media Committee and the signing of an MoU between Saudi Arabia’s Prince Saud Al-Faisal Institute for Diplomatic Studies and Iran’s Institute for Political and International Studies further strengthened institutional ties.
The trilateral meeting also tackled pressing regional challenges, particularly the Israeli-Palestinian conflict. The participants condemned Israel’s aggression in Palestine, Lebanon, and Iran, calling for an immediate cessation of hostilities and the continuation of humanitarian aid to affected regions. They warned that ongoing violence poses significant risks to regional and global security, including threats to maritime safety.
On Yemen, the parties reiterated their support for a comprehensive political solution under United Nations auspices. They emphasized the importance of dialogue and diplomacy to achieve lasting peace in the war-torn country.
Saudi-Iranian relations have undergone a remarkable transformation since the signing of the Beijing Agreement. The reopening of embassies, including Iran’s embassy in Riyadh in June after a seven-year hiatus, marked a turning point in their ties.
Iranian Deputy Foreign Minister for Consular Affairs Alireza Bigdeli described the day as a “historic milestone” in Saudi-Iranian relations. He expressed confidence that the renewed relationship would reach its peak, emphasizing that the restoration of ties between Iran and Saudi Arabia opens a new chapter in bilateral and regional relations, aimed at greater cooperation and stability.