"WASHINGTON (CNN) -- The United States Treasury Department announced sanctions Wednesday against a Bahrain bank accused of helping Iran's alleged nuclear proliferation activities.
The Treasury Department said Future Bank B.S.C. is controlled by Iran's Bank Melli, which has already been sanctioned "for facilitating Iran's proliferation activities."
Future Bank was started in 2004 in a joint venture between Bank Melli; Bank Saderat, also an Iranian bank; and a private bank based in Bahrain.
Under the designation, any bank accounts and financial assets in the United States must be frozen, and American citizens will not be permitted to do business with the bank.
Bahrain "has taken responsible steps to try to prevent Future Bank from abusing the country's financial system," Levey said." '
Abuse of Future banks funds in Bahrain is not very good. Giving the funds to Iran's nuclear program is even worse. This will ruin the the reputation of the bank among western countries against Iran's nuclear program.
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