Assets forfeited in BD7mln money laundering case

TDT | Manama

Email: mail@newsofbahrain.com

A Bahraini man and an Arab man have now exhausted all their legal appeals in a high-profile money laundering case involving over BD7 million.

The Court of Cassation’s final ruling upholds previous convictions, confirming prison sentences and the forfeiture of millions in assets.

The Bahraini national will serve six years, while his Arab co-conspirator faces a threeand-a-half-year term.

Detectives who testified in the case revealed that the pair used a sophisticated criminal network engaged in unlicensed fundraising and subsequent money laundering.

They are said to have collaborated with an individual overseas to orchestrate the scheme to collect and receive funds outside legal channels.

This activity deliberately circumvented licensing requirements and posed a serious threat to financial oversight by moving substantial sums beyond legal scrutiny thanks to the use of a complex web of financial transactions.