The First High Criminal Court began the trial of 22 defendants, ranging in age from 21 to 51 years, after they committed the crime of money laundering from illegally obtained proceeds from drug trafficking crimes, which totaled more than eight million Bahraini dinars. The court set the next March 5 session for review. And reply.
The details indicate that the defendants from the second to the twenty-second, being a gang that practiced trafficking in narcotic drugs and psychotropic substances, committed the crime of money laundering from proceeds obtained illegally from trafficking in narcotic substances, which totaled 8 million and 180 thousand and 68 dinars and 245 fils. That they received these amounts through their bank accounts, conducted banking operations on them, and transferred part of them to the first defendant in the amount of 3 million 612 thousand and 160 dinars and 90 fils. In turn, the first defendant made transfers and recordings of that amount between his bank accounts and bought digital currencies for their value and sent them outside Bahrain in order to hide the source. That money and show its legitimacy.
The National Center for Financial Investigations had received a report indicating that the accused received money obtained from the crime of drug trafficking, circulated it through their bank accounts and then exchanged it for digital currencies via digital trading platforms using the peer-to-peer (P2P) mechanism, with the intention of hiding it and giving it legitimacy.
The prosecution began its investigations immediately after receiving the report, and took measures to disclose and seize the defendants’ accounts, track the movement of the funds, their source and destination, listen to witnesses to the incident, interrogate the defendants, confront them with the evidence against them, and refer them to the First High Criminal Court.
In this regard, the Acting Chief Prosecutor of Financial Crimes and Money Laundering called for exercising the utmost caution and caution while trading digital currencies, by trading them on designated and approved platforms in the Kingdom of Bahrain so that the trader is not subject to legal accountability.
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