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Court Slaps More Fines on Future Bank New Fines Raise Total Jail Terms in the Multi-Billion Dollar Scheme to 30 Years

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Court Slaps More Fines on Future Bank New Fines Raise Total Jail Terms in the Multi-Billion Dollar Scheme to 30 Years FRIDAY, SEPTEMBER 18, 2020 03 Court slaps more fines on Future bank New fines raise total jail terms in the multi-billion dollar scheme to 30 years crimes, as well as phantom loans Future bank provided to companies that op- • erate as fronts for Iran’s Islamic officials get new five- Revolutionary Guard Corps. year jail terms each Investigators found that the $7bn Future Bank received requests Banks involved get Reports say the bank for suspicious financial trans- allegedly concealed at least new• $1 million penalty fers through the “SWIFT” sys- $7 billion of transactions tem using a practice known as between 2004 and 2015 wire-stripping to conceal pay- TDT | Manama ments to countries under inter- national sanctions. he latest conviction in Bahraini auditors also uncov- the multi-billion dol - port. ered $2.7 billion in payments Tlar Future bank’s sanc- Kingdom’s Public Prosecution made by the Future bank using tion-evading money laundering has uncovered evidence that an informal alternative to the scheme has raised jails terms future bank officials secretly SWIFT system that is difficult to awarded in the case to 30 years helped Iran evade sanctions for trace, documents show. and overall fines to more than more than a decade. Bank Melli and Bank Saderat $47 million. Reports say the bank alleged- have also been accused by US Yesterday, Bahrain’s High ly concealed at least $7 billion officials of helping finance Iran’s Criminal Court issued ruling of transactions between 2004 nuclear programme. in six cases in which the Cen- and 2015, with Bahraini officials The scheme allowed the bank tral Bank of Iran, some Iranian uncovering hundreds of bank to make the transfers in violation Banks, the Future bank and three accounts tied to individuals of laws and regulations, Public of its officials are implicated. The court also ordered the confiscation of $22 million transferred illegally convicted of various terrorism Prosecution stated. The court sentenced future bank officials to five years in jail nama, was a commercial bank Future bank was The bank was Valiollah Seif, According to US The Central Bank of and fined them $1 million each. which was founded as a joint founded in 2004 as registered to who was the diplomatic cables Bahrain in May 2016 The Central Bank of Iran, venture between two Iranian a venture between provide commercial governor of the published by WikiLeaks, put Future Bank and Bank Melli Iran and Bank Sad- banks - Bank Saderat and Bank Iran’s Bank Saderat banking services Central bank in 2007 Bahrain blocked Iran Insurance Co - the erat Iran received a fine of $1 Melli - and Bahrain’s Ahli United and Bank Melli as including deposits, of Iran from the bank from doing Bahrain branch of an million each. Bank, in 2004. well as Bahrain’s loans and credit 2014 until 2018, new business with Iran Iranian insurer - under The court also ordered the The bank’s assets stood at KNOW WHAT Ahli United Bank, cards had over headed Future and made Ahli United administration to “protect confiscation of $22 million 569.4 million dinars ($1.51 bil- the kingdom’s 100 employees Bank before place all its Future Bank the rights of depositors transferred illegally. lion) at the end of September largest lender. at the time of its returning to Iran in 2010. shares in a blind trust and policyholders”. establishment. Future Bank, based in Ma - 2015, according to a Reuters re- Stage set for Bahrain-Israel Violating home quarantine: 34 tourism: Industry Minister gets fines of up to BD3,000 TDT | Manama TDT | Manama ahrain is all set to open reaking home quarantine Bdoors for official and tour- Bmeasures left thirty-four ism-related travel relations people here with huge fines with Israel, Industry Minister ranging between BD1000 and said. BD3,000. “The way is paved for en - The Lower Criminal Court hancing the tourism movement also ordered three of the expa- between the two countries, and triates involved to be deported facilitating the official travel from the Kingdom. procedures,” said Zayed bin The court also imposed a Rashid Al-Zayani. Asaf Zamir Al-Zayani BD5,000 fine on an establish- The development came as ment for violating a ministerial the ministry was holding a tele- work of the peace declaration being exerted by Bahrain Tour- decision on the resumption of phonic conversation with his signed between them recently. ism and the Exhibitions Au - private establishments. Israeli counterpart Asaf Zamir. Al-Zayani highlighted the lat- thority (BTEA) to improve tour- Court files say the 34 defend- Talks were on enhancing co- est developments in Bahrain’s ism services and attract visitors ants violated home quarantine operation within the frame- tourism sector and the efforts from all over the world. measures imposed as a preemp- tive measure to prevent the spread of the deadly pandemic. Police investigations and the Picture courtesy of AlAyam electronic monitoring system ICTGC gets procurement requests found the suspects failed to abide by the mandatory quar- ers inside without doing tem- casions. antine measures. perature checks. The Public Prosecution said amounting to BD9.9 million A tourist restaurant and café Authorities found that the it launched an investigation were also booked for violating restaurant received customers upon receiving a notification TDT | Manama the COVID-19 precautionary without prior reservations and and referred the cases to a crim- measures by allowing custom- held gatherings on special oc- inal court for trial. overnment strategic pro- Gjects and procurement re- quests valued at approximately BD9.9 million were discussed at the 37th Information and Com- munication Technology Gov- Religious contempt: Suspect remanded ernance Committee (ICTGC) TDT | Manama tweets also deny the Islamic religion’s funda- meeting. mentals and principles. The meeting held through ahrain’s Public Prosecution remanded in During interrogation, the account owner con- video conferencing was chaired Bcustody a woman accused of posting tweets fessed to her crimes. by Information & eGovernment that infringe on the Islamic religion and vilify Investigators also found that she was spread- Authority (iGA) Chief Execu- its rituals. ing her atheistic ideas to make others share tive, Mohammed Ali Al Qaed. Officials during the 37th Information and Communication Technology Chief Prosecutor, Nasser Al-Sheeb, said the them. Requests were for devel- Governance Committee (ICTGC) meeting held virtually suspect, a woman, was taken into custody fol- The Chief Prosecutor affirmed that insulting oping a unified platform for lowing an investigation based on a notification community’s sanctities does not fall under the digital municipality services development of iGA’s eServices study would raise the quality from the Anti-cyber Crime Directorate. concept of freedom of opinion and expression, at the Ministry of Works, Mu- across all channels and sup - and efficiency of services, in- Investigators found that the tweets included as infringes on the right of belief of others and nicipality Affairs and Urban port and development of edu- crease productivity and reduce an assault on the divine, the Islamic religion, their values and fundamentals. Planning, development and cational systems at Polytechnic government expenses. and the Holy Quran, as well as an insult to the “Therefore, the Public Prosecution is respon- support services for the Minis- Bahrain. The committee holds month- religious symbols. sible for taking action against the suspect and try of Health’s National Health The committee said that the ly meetings remotely via Micro- The suspect also posted images of the Holy anyone involved in similar illegal practices,” a Information System (i-SEHA), technical requirements under- soft Teams. Quran in a way that mocks it and its verses. The statement said..
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