Future Bank Bahrain illegal Iran transactions worth $300 million

TDT | Manama

Bahrain-based Future Bank has been referred to the criminal court on charges of making illegal transactions worth $300 million with Iranian institutions. Thousands of other suspicious transactions are still being investigated as part of the huge money launderings case.

The bank has been accused of facilitating suspicious transactions worth millions of dollars for Iranian rogue institutions, such as the National Bank of Iran (Bank Melli Iran) and the Exports Development Bank of Iran.

Financial Crimes and Money Laundering Prosecution Deputy Chief General Attorney Nayef Yousif Mahmood, who confirmed that the prosecution, is continuing its investigations in the “major plot to launder billions of dollars through Future Bank established in the Kingdom of Bahrain and controlled by two Iranian banks”.

“The Public Prosecution referred to the High Criminal Court a number of new incidents in which various charges were brought against the defendants, who are officials of the Future Bank, in addition to the Central Bank of Iran and four other Iranian banks, for committing multiple crimes under the Law on Prohibition and Combating Money Laundering and Financing of Terrorism, as well as other violations of banking laws and regulations implemented in the Kingdom of Bahrain,” said Mr Mahmood. “The total of the funds subject to laundering in those incidents referred to the court is around $330 million. Investigations are still continuing.”