Bahrain sentences three money-laundering suspects to prison

Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. The case was brought to light after the general prosecution unveiled in February that about seven billion dollars had vanished from Future Bank’s records and were utilized to fund Iranian groups, in violation of the sanctions imposed against the country. 

Three people have been jailed for 25 years each in connection with a money laundering case involving billions of dollars at a Bahrain-based bank#Bahrainhttps://t.co/l1qWqLKXvA pic.twitter.com/JhCQT1B8Bx

— Gulf Daily News (@GDNonline) March 31, 2020

Future Bank officials were sentenced to five years in prison, fining 800,000 dinars to each one of them. It also fined the connected banks the same amount and ordered the confiscation of the remitted money. 

It was previously revealed by the public prosecution that its inquiries have uncovered a plan that allowed Iranian entities, including those that participated in the funding of terrorism or which are under international penalties, to conduct international transactions while avoiding organizational investigations.

Future Bank, which is operating under the supervision of Bank Melli Iran and the Export Development Bank of Iran, has conducted thousands of international transactions while covering for the Iranian bodies through deliberate concealment or removal of basic information while transferring funds through the SWIFT network.

Future Bank officials and other connected banks were referred to the High Criminal Court according to the anti-money laundering and combating funding terrorism law.