Bahrain fines Iranian banks implicated in money laundering

The total of fines imposed on the Iran Central Bank, other Iranian banks and the three Future Bank officials in seven cases reached $47 million. (File/Shutterstock)
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Updated 27 August 2020

Bahrain fines Iranian banks implicated in money laundering

  • The court also sentenced the Central Bank of Iran and the other banks implicated in the wide money-laundering scheme to fines of $1 million each
  • The total of fines imposed on the Iran Central Bank, other Iranian banks and the three Future Bank officials in seven cases reached $47 million

BAHRAIN: Bahrain’s High Criminal Court sentenced three Future Bank officials to five years in prison each and to $1 million fines on Thursday, in the latest of a series of money-laundering cases by the Central Bank of Iran and other banks, the Bahrain News Agency reported.

The court also sentenced the Central Bank of Iran and the other banks implicated in the wide money-laundering scheme to fines of $1 million each, General Advocate Nayef Youssef Mahmood said.

The total of fines imposed on the Iran Central Bank, other Iranian banks and the three Future Bank officials in seven cases reached $47 million. The court also ordered the confiscation of the illegally transferred money amounting to $13 million.

The Public Prosecution had previously announced that its investigations had revealed that the Central Bank of Iran planned to launder billions of dollars through the Future Bank that was established in Bahrain and controlled by two Iranian banks, Bank Melli Iran and Bank Saderat Iran, to pass suspicious financial transactions in favor of Iranian entities, mainly the Central Bank of Iran, in violation of laws and regulations.

The Future Bank received requests for suspicious financial transfers in favor of the Central Bank of Iran and other Iranian banks through the "SWIFT" system without reporting them, setting aside their sums or checking their legitimacy in an effort conceal the identity of the Iranian bank. The scheme allowed the bank to make the transfers in violation of laws and regulations.


Emirati consortium studies implementing wind energy project in Egypt

Updated 29 September 2020

Emirati consortium studies implementing wind energy project in Egypt

  • The coalition has submitted a request to the New and Renewable Energy Authority to allocate land for the purpose

CAIRO: Official sources at the Egyptian Ministry of Electricity and Renewable Energy revealed that an Emirati consortium is currently studying the implementation of a wind farm, with investments of about EGP 8 billion ($500 million).

The coalition has submitted a request to the New and Renewable Energy Authority (NREA) to allocate land for the purpose, and the authority has already agreed to it. The total capacity of the station is about 500 megawatts.

The consortium is carrying out studies that will take two years and that include measuring wind speed, monitoring bird migration and studying the soil for the project, which will take place in the Gulf of Suez region as it has a strong wind force, an important factor.

The station is expected to implement the BOO system (Build, Own, Operate), provided that the coalition sells the energy produced to the Egyptian Electricity Transmission Company, the operator of the national grid, entrusted with the purchase of energy.

The area of land allocated for the establishment of the project — in cooperation with the private sector under the usufructuary right system — is 7,872 km, according to data from the NREA.

The sources pointed out that the average selling price of renewable energy is currently declining, ranging between $0.02 to $0.025 per kilowatt hour. Land is allocated for 2 percent of the energy produced or its equivalent and throughout the project’s duration; then, the authority will recover it.

Egypt is rich in natural resources, including wind and solar energy, which makes it one of the largest producers of renewable energy. The total installed capacity of renewable energies is close to 20 percent of the maximum load.

Egypt plans to increase its total production of renewable energy to about 20 percent of the total electricity generated by 2022, of which 12 percent from wind, 6 percent from hydroelectricity, and 2 percent from solar.