Verdict Against Iran in Bahrain’s ‘Largest Money Laundering’ Case Upheld
Bahrain’s appellate court has upheld the verdict issued by the country’s criminal court in the case of Bahrain’s “largest money laundering” in history, which was issued against Iran’s Central Bank and several other Iranian banks.
Bahrain’s official news agency reported on Sunday, October 31, citing Wael Boualawy, Bahrain’s Deputy Prosecutor General, that the appellate court upheld the original sentence of 10 years imprisonment for five officials of Bank Al-Mustaqbal and a five-year prison sentence for the sixth defendant in the case.
According to the report, the payment of one million Bahraini dinars by the defendants and the payment of the same amount by Iran’s Central Bank and other banks involved in the money laundering operation, which had been previously ordered, was also upheld by Bahrain’s appellate court.
This comes as the Islamic Republic of Iran has described the prosecution of the $1.3 billion money laundering case as “politically motivated and devoid of any legal value.”
Previously, on July 31, after Bahrain’s criminal court issued its verdict, Saeed Khatibzadeh, spokesman for Iran’s Foreign Ministry, called the money laundering allegations “baseless” and emphasized that “the Islamic Republic strongly rejects the actions attributed to Iran’s Central Bank and Iranian banks in Bahrain.”
However, Ali bin Fadel Al-Buainain, Bahrain’s Attorney General, stated that Bank Melli and Bank Sepah of Iran, on the orders of Iran’s Central Bank, used an alternative system that lacked authorization from Bahraini authorities to transfer money and, through its “maintenance,” circumvented international sanctions against the Islamic Republic’s nuclear program.
Previous reports also indicated that Bank Al-Mustaqbal, which began operations in 2004 with joint investments from Iran’s Bank Melli and Bank Sepah as well as a Bahraini bank, sought to transfer money to Iran and finance several “terrorist organizations” including the Islamic Revolutionary Guards Corps, Hezbollah in Lebanon, and entities in Iraq, but failed to do so due to strict oversight by Bahraini authorities over banks.
Based on the verdict of Bahrain’s criminal court, which has now been upheld by the country’s appellate court, an order was issued to freeze the amounts that were supposed to be “laundered.” These amounts are: $148,071,000, €967,937,000, 53,350,000 UAE dirhams, and 235,093,000,000 Iranian rials.
Based on the verdict of Bahrain’s criminal court, in addition to the conviction of Bank Al-Mustaqbal, six of its officials in Bahrain have also been sentenced to five to ten years imprisonment.
The proceedings in the case of Bahrain’s largest money laundering began in April 2015, at which time the Central Bank of Bahrain issued an order to close Bank Al-Mustaqbal and freeze all of its documents for investigation.
Bahrain severed its diplomatic relations with Iran on January 9, 2016, one day after Saudi Arabia cut ties with Iran.
Bahrain has also repeatedly accused Iran of interference in its internal affairs, and in recent years Tehran and Manama have had sharp disputes over increased protests by Shiites in Bahrain, who constitute the majority of the country’s population.
Source: Radio Farda
