We act for the Kingdom of Bahrain in the first investment treaty case brought against it. The claim, for over €300 million in damages, arises out of regulatory actions taken by the Central Bank of Bahrain in response to Future Bank’s sustained and significant non-compliance with Bahraini laws, including anti-money laundering laws and international sanctions. The case raises fundamental questions of international law regarding the consequences of an investor’s misconduct and the scope of the “unclean hands” doctrine in international law. It similarly raises fundamental questions regarding the scope of a central bank’s right to regulate and respond to systemic risks.