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.

PREV | NEXT

Print Article

Email Article

Contact Kenneth

Subscribe to Newsletter

PRODUCT INFORMATION

World-Check Overview

COMPLIANCE OVERVIEW

Regulatory Compliance Overview

Understanding Money Laundering

KYC Compliance Overview

AML Compliance Overview

PEP Compliance Overview

CFT Compliance Information

FCPA Compliance Overview

NEWSWIRE

World-Check releases 'Piracy in the Horn of Africa' a White Paper by Rear Admiral Chris Parry CBE. With antecedents that reach back to classical times, piracy has sprung up and thrived in vari...more

Titled “The FCPA and why it matters” this paper provides insight for multinational organisations into the US Foreign Corrupt Practices Act (FCPA) and highlights the basis for a sound compl...more

Since July 2009 World-Check, the leading provider of end-to-end risk management services, has presented expert seminars in Monaco, Frankfurt, Madrid, Lisbon, Stockholm, Helsinki, Oslo, Copenhagen, M...more

Since November 2008, the World-Check database has been used in over 130 enquiries by the CEOP's financial investigators to ascertian background intelligence on child abuse cases. To read the full ...more

Read the full press release to see why it makes sense to use the World-Check se...more

More Newswires

ARTICLE ARCHIVE

Make this my homepage

Bookmark

RSS Feeds

Top