A Bahrain court announced on Wednesday that the country's Al-Mustaqbal bank, and several Iranian financial institutions will be prosecuted on charges of money laundering, Gulf News reported.
According to the report, Bahrain's public prosecution had conducted intensive investigations into money laundering allegations against officials of Al-Mustaqbal Bank in Bahrain and associated Iranian banks abroad during 2008-2012.
A money laundering scheme valued at $1.3 billion and other unlawful banking practices have been uncovered involving the Central Bank of Iran and 12 other Iranian banks, including National Bank of Iran and Saderat Bank.
“The National Bank of Iran and Iranian Bank of Saderat used Al-Mustaqbal Bank to transfer $1.3 billion, using an alternative system that was not licensed by Bahraini authorities and was not subject to them, and these funds were kept, settled and laundered in order to evade international sanctions against Iranian entities and personalities,” Bahrain's Attorney General Al Buainain stated.
Bahrain's Public Prosecution has previously referred several cases involving the Al-Mustaqbal Bank and other Iranian banks to court for money laundering crimes and financial violations. So far, all have been convicted with prison sentences and penalties totaling BD 354 million, Gulf news stated.
According to the report, Bahrain's High Criminal Court sentenced some of Al-Mustaqbal Bank officials last year to five years in prison and fined them with $2.65 million each on money laundering charges.
