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Bahrain: bank officials convicted over money laundry charges

The High Criminal Court of the Gulf country requested five years in prison for five official a local bank suspected for involvement in a money laundry case in connection with three Iranian other banks, reports say.
The official from Future Bank are also fined a million Bahraini dinars ($2.65 million) each. The court also ordered the confiscation of funds transferred that were made by the banks involved and were the subject of the money laundering case.
Future Bank reportedly “carried out thousands of international financial transactions” for Iranian entities that are allegedly “implicated in funding terrorism or which are under international sanctions,” allowing these entities to avoid organizational auditing.
The financial institution operates under the supervision of two Iranian banks.

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Posted by on Jul 10 2020. Filed under Finance, Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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