Monday 25 June 2018

Verdict due in $923m laundering trial in Bahrain

Manama, July 2, 2014

A verdict is due in the trial of 16 men accused of being part of a money laundering racket that transferred up to BD350 million ($923.7 million).
They include 11 managers and employees working for an exchange company in Bahrain, in addition to five others 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 (July 1) 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.
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 July 21. - TradeArabia News Service

Tags: money | laundering | Verdict |

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