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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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MWL Welcomes UN Co-Chairs' Statement on Palestinian Question and Two-State Solution

MWL Welcomes UN Co-Chairs' Statement on Palestinian Question and Two-State Solution
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MWL Welcomes UN Co-Chairs' Statement on Palestinian Question and Two-State Solution

MWL Welcomes UN Co-Chairs' Statement on Palestinian Question and Two-State Solution

The Muslim World League (MWL) welcomed the statement issued by the Co-Chairs of the United Nations High-Level International Conference on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution, represented by the Kingdom of Saudi Arabia and the French Republic.
In a statement from the League’s General Secretariat, MWL Secretary-General and Chairman of the Organization of Muslim Scholars Sheikh Dr. Mohammed Al-Issa reaffirmed the League and the Islamic world’s appreciation for the pivotal and significant momentum generated by the international coalition, led by Saudi Arabia, to implement the two-state solution.

He noted that this conference was one of the important outcomes of these efforts, alongside the coalition’s remarkable diplomatic achievements in a short time, which have pushed the international community toward a legitimate and responsible stance aligned with the legal and human rights of the Palestinian people, SPA reported.

Dr. Al-Issa also expressed regret over the ongoing escalation and recent developments in the region that led to the suspension of this historic conference, which had been widely anticipated as a step toward a peaceful settlement of the Palestinian question, the implementation of the two-state solution, and an end to the prolonged suffering of the Palestinian people and the humanitarian tragedy facing civilians in Gaza.

He praised the statement’s reaffirmation of unwavering support for all efforts aimed at ending the war in Gaza and achieving a just and sustainable resolution to the Palestinian question through the implementation of the two-state solution.