Latest news with #FINC
Gulf Insider
7 days ago
- Business
- Gulf Insider
Appeal Against Jail Terms, Fines In 'Dirty Money'
Four defendants have lost their appeal against prison terms and fines in a money laundering case tied to human trafficking and prostitution earnings. Judges upheld a five-year sentence for each, along with a BD100,000 fine, and ordered the confiscation of BD175,557.882 from their assets. Three of them, identified as the first, third and fourth accused, will also be deported. The case unfolded following investigations by a First Lieutenant at the Financial Intelligence National Centre (FINC). Inquiries He told prosecutors that inquiries had been carried out using unnamed sources. The first accused, he said, ran a criminal ring trading in women, and the others played various parts in handling the proceeds. Cash made through these crimes was funnelled through different financial dealings, including overseas transfers made through local exchange houses. The amounts varied, and the transfers were spaced aim, according to the findings, was to cover the tracks. Accounts Authorities moved to examine accounts and property linked to the accused. Letters were sent to several government bodies. The data pointed to regular use of exchange houses, currency swaps and remittances, enough, the court ruled, to uphold the convictions. Also read: Qatar To Compensate Citizens For Damage Caused By Missile Debris
Daily Tribune
14-07-2025
- Business
- Daily Tribune
Appeal against jail terms, fines in ‘dirty money' case rejected
Four defendants have lost their appeal against prison terms and fines in a money laundering case tied to human trafficking and prostitution earnings. Judges upheld a five-year sentence for each, along with a BD100,000 fine, and ordered the confiscation of BD175,557.882 from their assets. Three of them, identified as the first, third and fourth accused, will also be deported. The case unfolded following investigations by a First Lieutenant at the Financial Intelligence National Centre (FINC). Inquiries He told prosecutors that inquiries had been carried out using unnamed sources. The first accused, he said, ran a criminal ring trading in women, and the others played various parts in handling the proceeds. Cash made through these crimes was funnelled through different financial dealings, including overseas transfers made through local exchange houses. The amounts varied, and the transfers were spaced out. The aim, according to the findings, was to cover the tracks. Accounts Authorities moved to examine accounts and property linked to the accused. Letters were sent to several government bodies. The data pointed to regular use of exchange houses, currency swaps and remittances, enough, the court ruled, to uphold the convictions.
Gulf Insider
11-07-2025
- Business
- Gulf Insider
Employee Sentenced To 12 Years In Jail And Fined
A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Fake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn' from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered read: Expat Woman Falls Victim To Online Car Scam, Warns Others To Stay Alert
