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Final arguments made in money-laundering case

Manama, June 12, 2014

Lawyers have submitted final arguments in the trial of 16 men accused of being part of a money-laundering racket that transferred up to BD350 million ($923.6 million).
 
The ring included 11 managers and employees working for an exchange company in Bahrain, in addition to five other accomplices accused of illegally transferring money into the country, said a report in the Gulf Daily News (GDN), our sister publication.
 
Fifteen of them, who are in police custody, appeared at the Lower Criminal Court yesterday (June 11) where they earlier pleaded not guilty, while another suspect is still at large and is being tried in absentia.
 
They were arrested after the Central Bank of Bahrain (CBB) alerted the Interior Ministry's Anti-Corruption and Economic and Electronic Security Directorate.
 
The suspects were caught following an investigation and all suspects have been charged with hiding data, failing to provide registers documenting the company's transactions and providing the CBB with false information, in addition to money-laundering, illegal transfers and forging documents.
 
The trial was adjourned until June 30. - TradeArabia News Service



Tags: money | final | case | laundering |

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