Bahrain fines Iranian banks implicated in money laundering

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

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.


UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
Updated 15 January 2021

UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
  • The fall in gross domestic product much lower than the average forecast for a 5.7 percent drop

LONDON: Britain’s economy shrank by 2.6 percent in November, the first monthly fall in output since the depths of an initial COVID lockdown in April, as new restrictions were imposed on much of the country to slow the spread of the disease.
The fall in gross domestic product reported by the Office for National Statistics was much lower than the average forecast for a 5.7 percent drop in a Reuters poll of economists.
The Bank of England estimates Britain’s economy shrank by just over 1 percent over the final three months of 2020, and with a new lockdown in place since January the country is likely to have fallen into a double-dip recession.
The BoE ramped up its bond-buying program to almost 900 billion pounds in November and Governor Andrew Bailey said this week that it was too soon to say if further stimulus would be needed.