Manama, October 3 (BNA) The Supreme Court of Appeal today issued its ruling in the case of violations of the Future Bank and unanimously ruled against six bank officials and a number of legal persons on charges of money laundering. The case involved the Future Bank, the Central Bank of Iran and a number of Iranian banks, said Counselor Wael Bualai, the public prosecutor and deputy public prosecutor.
The Supreme Court of Appeal handed down prison sentences to Federal Bureau officials ranging from five to ten years and a fine of every one million Bahraini dinars for each of the 166 money laundering operations, an amount equal to the number of operations in which each of them participated with money. Money laundering offences. The court also imposed a fine of 50,000 dinars on each of them for violating the provisions of the regulations and decisions issued under the Money Laundering and Misdemeanors Law related to the crime of money laundering. The court also ordered the deportation of the convicts from the country after the execution of the sentence.
The Supreme Court of Appeal also fined the FBI, the Central Bank of Iraq and other involved Iranian banks an amount of one million Bahraini dinars for each of the 166 money laundering operations, an amount equal to the number of operations carried out by legal persons, in addition to confiscation. Penalty.
The Supreme Court of Appeal re-examined the case after it was returned to it by the Court of Cassation and accepted the appeal submitted by the Public Prosecution requesting the correction of the contested judgment for its error in applying the law and demanding the issuance of the contested judgment. Severe punishment in accordance with the requirements of the law. The court considered the reasons and justifications for the appeal and the evidence presented in the case, and issued its aforementioned ruling.
The Public Prosecution announced earlier that the investigations revealed a large-scale money-laundering scheme operating through the Future Bank, which was established in Bahrain and is under the control of two other banks owned by the Republic of Iran, namely the National Bank of Iran (Melli) and. Bank Saderat Iran. The scheme approved illegal financial transactions for Iranian entities, most notably the Central Bank of Iran.
Extensive investigations revealed illegal banking practices and found that the Central Bank of Iran instructed the Future Bank to use an alternative and unauthorized transfer system to complete banking operations for the purpose of concealing the source and movement of funds transferred through it and for. for Iranian banks.
The purpose of this was to circumvent international sanctions imposed on Iranian entities aimed at combating money laundering and terrorist financing. The illegal practices exploited the control and policies of the National Bank of Iran (Mili) and Bank Saderat of Iran, both of which were operating under the supervision of the Iranian government and the Central Bank of Iran.
Following these instructions, Future Bank officials, in conjunction with other officials of Iranian banks and the Central Bank of Iran, have sent, transferred and received more than US$1.3 billion through the alternative system, as part of massive funds. washing scheme.
Further investigations are underway, including international transactions by Future Bank and the Iranian Bank in violation of the Law on Prohibition and Combating Money Laundering and Terrorist Financing, as well as banking laws and regulations. It is expected that more people involved in the scheme will be revealed in preparation for the referral of these cases to criminal trial.
AOQ