Iranian-controlled bank in Bahrain designated by OFAC

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

12 March 2008

Future Bank BSC of Manama, Bahrain, has been designated by the Treasury Department's Office of Foreign Assets Control, or OFAC, as a supporter of proliferators of weapons of mass destruction OR NPWMD. The bank is reportedly owned by Bank Melli (BMI), Bank Saderat (BSI), both themselves designated, and a private Bahraini bank, Ahli United Bank BSC, and is believed to be controlled by Bank Melli.

The US Treasury has sent emissaries to Bahrain within the past few years. attempting to convince the central bank and law enforcement agencies there that trading with Iran poses many dangers, the least of which is the possibility that entities who engage in Iranian trade run the risk of sanctions, or of bring denied access to the US financial structure.

Compliance officers charged with the calculation of country risk at their institutions may want to adjust their position on Bahrain to a higher level of risk.

For more details on the OFAC action, go to:

http://www.ustreas.gov/press/releases/hp869.htm

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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