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Bahraini Court Fines Central Bank of Iran in Money Laundering Case

Bahrain Public Prosecution via AAAWSAT AR.
Bahrain Public Prosecution via AAAWSAT AR.
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Bahraini Court Fines Central Bank of Iran in Money Laundering Case

Bahrain Public Prosecution via AAAWSAT AR.
Bahrain Public Prosecution via AAAWSAT AR.

The Bahraini High Criminal Court has sentenced three Iran-owned Future Bank officials charged with financial crimes and money laundering to five years in jail and to fines of BD 1 million each.

The court also fined the Iranian Central Bank and other Iran-owned banks, including Future Bank, implicated in the schemes BD 1 million each and ordered the confiscation of the funds that the banks wanted to transfer illegally, state news agency BNA reported.

Advocate General Nayef Yousef Mahmoud, Head of the Financial Crimes and Money Laundering Prosecution, said that the total of the fines in the seven cases reviewed by the court reached BD 49 million while the confiscated funds amounted to $173 million.

Earlier, the Public Prosecution announced that its investigations revealed that the Central Bank of Iran planned to launder billions of dollars through the Future Bank, established in Bahrain and managed by two Iranian banks, Bank Melli Iran and Bank Saderat Iran, to pass suspicious financial transactions in favor of Iranian entities, mainly the Central Bank of Iran, in violation of laws and regulations.

The Future Bank also received requests for suspicious financial transfers in favor of the Central Bank and other Iranian banks through the “SWIFT” system without reporting them or setting aside the amounts, in an effort to conceal the identity of the Iranian bank. The scheme allowed the bank to make the transfers in violation of laws and regulations.

The general advocate said investigations are still underway regarding the remaining incidents in which the Central Bank and other Iranian banks used the Future Bank to carry out international transactions in violation of the Law on Prohibiting and Combating Money Laundering and Combating Terrorism Financing and banking laws and regulations.

To date, the court has imposed a total of BD 330 million in fines against those found guilty in cases related to the Future Bank, confiscated financial transfer amounts worth $323 million, and issued custodial penalties against them, he added.

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Gulf

Turkish Parliament Ratifies Makkah Defense Pact

General view of the Turkish Parliament. (Reuters – File Photo)
General view of the Turkish Parliament. (Reuters – File Photo)
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Turkish Parliament Ratifies Makkah Defense Pact

General view of the Turkish Parliament. (Reuters – File Photo)
General view of the Turkish Parliament. (Reuters – File Photo)

Türkiye's parliament ratified a regional defense pact involving Saudi Arabia and Pakistan overnight, state media reported.

The three countries signed the Makkah Joint Defense Agreement in August, committing them to come to one another's aid if any member is attacked.

Lawmakers approved the measure by 279 votes to 119, according to the state-run Anadolu news agency.

During parliamentary debates, ruling AKP lawmaker Ziya Altunyaldiz said the agreement was not directed against any third country and was intended to prevent conflicts rather than escalate them, Anadolu reported.

Gulf

Coalition Destroys Drone in Makkah, 2 Ballistic Missiles Fired at Najran

Official Spokesperson of the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki. (Asharq Al-Awsat)
Official Spokesperson of the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki. (Asharq Al-Awsat)
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Coalition Destroys Drone in Makkah, 2 Ballistic Missiles Fired at Najran

Official Spokesperson of the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki. (Asharq Al-Awsat)
Official Spokesperson of the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki. (Asharq Al-Awsat)

Official Spokesperson for the Coalition to Restore Legitimacy in Yemen Major General Turki Al-Malki announced on Friday the interception and downing of a drone over the Makkah Region. 

Saudi defenses had earlier destroyed two ballistic missiles fired by the terrorist Houthi militia at Saudi Arabia's Najran, he added. 

Debris fell as a result of the interception, and an assessment of the damage is currently underway. 

Gulf

Saudi Arabia and Türkiye Seek to Strengthen Security Cooperation

(L) Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif and (R) his Turkish counterpart, Mustafa Ciftci. (SPA)
(L) Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif and (R) his Turkish counterpart, Mustafa Ciftci. (SPA)
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Saudi Arabia and Türkiye Seek to Strengthen Security Cooperation

(L) Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif and (R) his Turkish counterpart, Mustafa Ciftci. (SPA)
(L) Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif and (R) his Turkish counterpart, Mustafa Ciftci. (SPA)

Saudi Interior Minister Prince Abdulaziz bin Saud bin Naif met his Turkish counterpart, Mustafa Ciftci, in Ankara on Thursday for talks focused on strengthening security cooperation between the two countries.

Prince Abdulaziz said the directives of King Salman bin Abdulaziz and Crown Prince and Prime Minister Mohammed bin Salman emphasized the importance of further developing bilateral security cooperation, building on the close ties between the two countries.

Prince Abdulaziz said the two countries' longstanding historical and fraternal ties had set an example of cooperation and coordination across various fields.

He said the Makkah Defense Agreement, signed by Saudi Arabia, Türkiye and Pakistan, reflects the strength of Riyadh-Ankara relations and their converging strategic interests and priorities amid the current geopolitical landscape. The agreement marks an important step that demonstrates the two countries' leaderships' commitment to addressing regional and international crises, he added.

The talks focused on strengthening security cooperation and coordination, including efforts to combat extremist groups and cross-border crimes such as drug smuggling and trafficking, amid regional and global challenges.

Both sides stressed the importance of further strengthening security cooperation in areas of mutual interest, developing partnership frameworks and coordinating efforts on security issues in line with the aspirations of their countries' leaderships.