The bank at the center of the allegations was set up and controlled by Iran’s Bank Saderat and Bank Melli. (Shutterstock)

May 18, 2021

Bahrain’s attorney general said that public prosecutors had uncovered a $1.3 billion money laundering racket linked to officials at Future Bank and other Iranian institutions — including its central bank.

Attorney General Ali bin Fadl Al-Buainain said the alleged offenses took place between 2008 and 2012.

Al-Buainain said that Future Bank officials, together with other Iranian bank officials and the Central Bank of Iran, were involved in the transfer of money through an unauthorized remittance system, Al Arabiya reported.

Officials concealed the source of the funds to enable banks that included Iran’s Melli Bank and Bank Saderat Iran, to complete transfers which would have otherwise been blocked.

Al-Buainain alleged that Future Bank and its controlling shareholders were involved in systematic and widespread violations of banking laws in Bahrain.

Arab News

About Track Persia

Track Persia is a Platform run by dedicated analysts who spend much of their time researching the Middle East, in due process we fall upon many indications of growing expansionary ambitions on the part of Iran in the MENA region and the wider Islamic world. These ambitions commonly increase tensions and undermine stability.