Global Investigations Review - The law and practice of international investigations


Friday, 14 February 2020

Bahrain charges former Future Bank executives in money laundering probe

The Bahrain Public Prosecutor’s Office has charged several former executives from defunct Manama-based Future Bank with facilitating money laundering and violating UN sanctions on Iran, according to reports.

Attorney General Ali bin Fadhel al-Bunainain said the “enormous” amount of money may have been used “to finance terrorist activities”.

Bahraini authorities shut Future Bank down in 2017 after investigators found that the bank had processed $7 billion in transactions linked to entities registered in Iran.

The individuals have not been identified. 

US Department of Education targets Harvard and Yale in foreign money probe

The US Department of Education is investigating two Ivy League universities for alleged failure to report hundreds of millions of dollars in donations from foreign entities.

The probe targets Yale, which the agency says may have received $375 million in unreported gifts, and Harvard, where federal prosecutors recently indicted a professor for failing to disclose Chinese funding on grant applications.

The Department of Education has demanded access to all records of gifts and contracts received from entities registered in China, as well as Qatar, Russia, Saudi Arabia and Iran.

OFAC requests money for more enforcement officers

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has asked for an extra $657,000 to employ three more Senior Enforcement Officers.

In its 2021 Budget Request, the Treasury Department said the officers will provide “essential investigative and legal knowledge to OFAC’s enforcement process”. They will also work closely with OFAC’s investigators and coordinate the final phase of OFAC’s public enforcement actions.  

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