Iranian banks, officials fined for money-laundering activities

by BTM

Tue, 21 July 2020

Iranian banks, officials fined for money-laundering activities

The High criminal Court today sentenced three officials in Iranian-owned Future Bank to five years in jail and to a BD 1 million each in two money-laundering cases.

The court also fined Future Bank and three other banks BD14 million and ordered the confiscation of the illegal transfer amounts that reached BD500,000, Chief Prosecutor Mohammed Jamal Sultan said.

According to the case documents, the Public Prosecution has discovered an Iranian plot involving several entities, including some sanctioned internationally for funding terrorism, to carry out financial transaction while evading scrutiny.

Future Bank, operating under the supervision of Bank Melli Iran and Bank Saderat Iran, carried out thousands of international financial transactions while providing covers for Iranian entities by concealing and deliberately removing basic information when transferring funds via the SWIFT network, the Chief Prosecutor said.

The Public Prosecution is still investigating the remaining illegal activities that include how the Iranian banks carried out international transactions in violation of the law prohibiting and combating money laundering and terrorism financing, as well as the laws and banking regulations in force in the Kingdom, he added.

The new cases will be referred to the criminal court.