The Supreme Court of Bahrain has fined four banks and three bank officials for their involvement in illicit operation of transactions for Iranian-based entities linked to terrorism in circumvention of international sanctions, regional media reported on Thursday
MOSCOW (Pakistan Point News / Sputnik - 18th June, 2020) The Supreme Court of Bahrain has fined four banks and three bank officials for their involvement in illicit operation of transactions for Iranian-based entities linked to terrorism in circumvention of international sanctions, regional media reported on Thursday.
According to the Al Arabiya broadcaster, citing chief prosecutor Mohammed Jamal Sultan, the court issued a total of 10 cases related to money laundering and fined four banks and three bank officials involved, confiscating more than $2.5 million of funds set to be transferred.
In particular, the court sentenced three officials of Bahrain's Future Bank to five years in prison and fined them each 1 million Bahraini dinars ($2.6 million) over involvement in transfers by Iranian entities linked to terrorism, according to the report.
Additionally, the Future Bank and three Iranian banks were reportedly fined 1 million dinars over involvement in assisting several individuals to finance terrorism and sidestep international sanctions.
Bahrain's central bank launched an investigation into the Manama-based, now shut down Future Bank in 2018 over alleged laundering of billions of dollars via off-the-books operations for state-owned banks of Iran whose banking system has for years been operating under tough international sanctions. The hardest hit was inflicted by the United States, which accuses Tehran of being a major sponsor of terrorism.
