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Bahrain jails Future Bank officials over money laundering

Bahain’s High Criminal Court has handed five years in jail to three officials of private money retailer Future Bank in money laundering cases that have also implicated the Central Bank of Iran and other banks, Bahrain News Agency (BNA) has reported.

The convicts who have been named are also fined to pay each $1 million. The court also fined the Central Bank of Iran, Bank Melli Iran and Bank Saderat Iran heavy amounts estimated at over $40 million.

Probes into the cases totaling seven revealed that Central Bank of Iran planned to launder billions of dollars through Future Bank, which was established in Bahrain and controlled by two Iranian banks, Bank Melli Iran and Bank Saderat Iran, the agency said.

The transactions, which occurred through SWIFT system according to the prosecution, were done to pass suspicious financial transactions in favor of Iranian entities, mainly the Central Bank of Iran, in violation of laws and regulations.

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Posted by on Aug 29 2020. Filed under Gulf News, 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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