Verdict this week in billion dollar Iran sanctions-busting scheme

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The High Criminal Court will pronounce its verdict in a high-profile money-laundering scheme that helped Iran evade sanctions for more than a decade this week.

The accusation is that the Central Bank of Iran, the now-defunct Future Bank and 13 associated Iranian banks abroad routinely altering financial documents to mask illicit trade between Iran and its foreign partners.

Attorney General, Dr Ali bin Fadhel Al Buainain, had said they levelled charges after intensive investigations into the allegations that the officials conducted unlawful banking practices during the 2008 to 2012 period.

Terrorism financing Reports say Bahrain officials uncovered hundreds of bank accounts tied to individuals convicted of crimes including money laundering and terrorism financing, as well as phantom loans provided to companies that operate as fronts for Iran’s Islamic Revolutionary Guard Corps.

The Central Bank of Iran allegedly instructed Future Bank to use an unapproved alternative transfer system to conceal the source and movement of funds.

“Such transactions were for benefitting Iranian banks and circumventing international sanctions and restrictions imposed against Iranian entities.”

This way, the Future Bank officials, in conjunction with other Iranian bank officials and the Central Bank of Iran, carried out transactions worth more than $1.3 billion via an alternative system.

Based on the evidence collected, the Public Prosecution referred several officers of Future Bank, Bank Melli Iran, Bank Saderat Iran, the Central Bank of Iran and other Iranian Banks to the court for trial.