Bahrain probes $1.3bn Iranian money laundering network

Bahrain probes $1.3bn Iranian money laundering network
Al-Buainain alleged that Future Bank and its controlling shareholders were involved in systematic and widespread violations of banking laws in Bahrain. (File/Shutterstock)
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Updated 18 May 2021

Bahrain probes $1.3bn Iranian money laundering network

Bahrain probes $1.3bn Iranian money laundering network
  • Attorney General Ali bin Fadl Al-Buainain said the alleged offenses took place between 2008 and 2012

RIYADH: Bahrain’s attorney general said that public prosecutors had uncovered a $1.3 billion money laundering racket linked to officials at Future Bank and other Iranian institutions — including its central bank.
Attorney General Ali bin Fadl Al-Buainain said the alleged offenses took place between 2008 and 2012.
Al-Buainain said that Future Bank officials, together with other Iranian bank officials and the Central Bank of Iran, were involved in the transfer of money through an unauthorized remittance system, Al Arabiya reported.
Officials concealed the source of the funds to enable banks that included Iran’s Melli Bank and Bank Saderat Iran, to complete transfers which would have otherwise been blocked.
Al-Buainain alleged that Future Bank and its controlling shareholders were involved in systematic and widespread violations of banking laws in Bahrain.