Prosecution demands tougher punishment against money laundering convicts

TDT Manama

The Public Prosecution recently appealed against the sentences issued against the officials of a Bahrain-based bank and several Iranian banks for their involvement in a major money laundering operation, which was done in cooperation with Iranian entities. The Prosecution demanded to toughen the punishments issued against the defendants in April this year, as it said that the sentences did not match the gravity of the committed crimes.

The First Supreme Criminal Court of Appeal adjourned the trial to July 27. As reported earlier, three of the convicts worked for Future Bank in Bahrain, while the rest were affiliated with three banks in Iran. The Future Bank officials were each sentenced by the First High Criminal Court to five years in jail and fined BD100,000 each.

The same punishment was issued against the remaining individuals and entities. Court files showed that investigations had uncovered a plan that permitted Iranian entities, including those implicated in funding terrorism or which are under international sanctions, to carry out international transactions while avoiding organisational auditing.

It has been found out that Future Bank, which is operating in Bahrain under the supervision of Bank Melli Iran and the Export Development Bank of Iran, has carried out thousands of international financial transactions, while providing covers for the Iranian entities there through deliberate concealment or removal of basic information while remitting money via the SWIFT network.

The Public Prosecution here investigated the matter and referred the Future Bank officials and the other implicated banks to the court for trial as per the anti-money laundering and combatting funding terrorism law.