TDT | Manama The Daily Tribune – www.newsofbahrain.com The High Criminal Court jailed two people on money laundering charges to three years in jail and slapped each of them with a fine of BD5,000. The court also ordered to confiscate BD20,000 from the first and BD10,000 fro
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The High Criminal Court jailed two people on money laundering charges to three years in jail and slapped each of them with a fine of BD5,000.
The court also ordered to confiscate BD20,000 from the first and BD10,000 from the second suspect. Public Prosecution charged them with laundering funds collected illegally, offering investment services without obtaining a license from the competent authorities, embezzlement of funds, and engaging in unlicensed financial and commercial activities.
The head of the Financial Crimes and Money Laundering Prosecution said the suspects laundered the money obtained from an illegal source, also found to be offering investment services illegally. The suspect, officials found, was also convicted previously for offering financial services illegally.
Public Prosecution opened an investigation, authorising officers to look into transactions carried out by the two suspects. Officers, based on evidence gathered, took the suspects into custody. The suspects during interrogation also confessed to their crimes.
