Bahrain is to prosecute Iran’s most prominent financial institutions on charges related to money laundering of US$1.3 billion via the now defunct Bahrain-based Future Bank. This is the largest such case in the Gulf state’s history.

Prosecutors say Future Bank –  established jointly in the Gulf state in 2004 by Bahrain-based Ahli United Bank and two Iranian state-owned banks, Bank Melli and Bank Saderat – enabled Iran’s central bank, the Iranian Revolutionary Guard and Hezbollah amongst others to cheat sanctions.

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