Bahrain's High Criminal Court has convicted five officials in one Bahraini bank and three Iranian banks in a major money laundering case.
The court sentenced officials at Bahrain's Future Bank to five years in prison and fined them a million Bahraini dinars ($2.65 million) each. The same fine was imposed on the other banks.
The court ordered the confiscation of funds transferred that were made by the banks involved and were the subject of the money laundering case.
According to the website of the Bahraini newspaper Daily Tribune, Future Bank, which operates under the supervision of two Iranian banks "carried out thousands of international financial transactions" for Iranian entities that are allegedly "implicated in funding terrorism or which are under international sanctions," allowing these entities to avoid organisational auditing.