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From UPI:
The U.S. Justice Department is investigating alleged funding of terrorism by wealthy Saudis through the Arab Bank, the Los Angeles Times reports.Israelis and U.S. citizens injured in suicide bombings have also filed lawsuits against the bank in New York. They claim the bank was involved in compensating the families of "martyrs" or suicide bombers, and was used to fund Hamas and Islamic Jihad.
The bank denies the allegations.
"Arab Bank had reason to believe these were humanitarian payments or social welfare payments, and there was certainly nothing in any of the public information that suggested to the bank at the time that these were in any way to induce terrorism or reward terrorism," said Robert Chlopak, a representative of the bank who is based in Washington.
The bank paid a $24 million penalty for failing to report suspicious transactions and other violations of laws meant to stem the flow of money to terrorist groups, the newspaper said.
Posted by Greg at March 4, 2007 12:55 AM
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Posted by: Rajesh_singh![[TypeKey Profile Page]](http://www.jihadwatch.org/nav-commenters.gif)
at March 4, 2007 1:16 AM
The jihadis can be strangulated financially.
A simple way would be to impose heavy penalties on finacial institutions which knowingly or unknowingly fail to report such transactions.
Once jihadists or their supporters cannot launder money via legal financial institutions for weapons and propoganda,then they will probably use illegal money launderers ,who do the illegal business of money laundering( local mafia). Currently the local illegal money launderer has only small punishments to worry about. He may not be actively supporting jihad but may possibly be used to transfer amounts he is not aware are for jihad.
However if the law adds extra charges of anti-patriotism and traitor to the country charge to existing laws associated with money laundering ,then local money launderers will be discouraged because even the petty criminal is afraid of being labeled a terrorist.
If both the legal and illegal ways of money transfer are suffocated by proper laws ,jihad will suffer a HUGE setback.
Posted by: Rajesh_singh at March 4, 2007 1:29 AM
The jihadis can be strangulated financially.
A simple way would be to impose heavy penalties on finacial institutions which knowingly or unknowingly fail to report such transactions.
Once jihadists or their supporters cannot launder money via legal financial institutions for weapons and propoganda,then they will probably use illegal money launderers ,who do the illegal business of money laundering( local mafia). Currently the local illegal money launderer has only small punishments to worry about. He may not be actively supporting jihad but may possibly be used to transfer amounts he is not aware are for jihad.
However if the law adds extra charges of anti-patriotism and traitor to the country charge to existing laws associated with money laundering ,then local money launderers will be discouraged because even the petty criminal is afraid of being labeled a terrorist.
If both the legal and illegal ways of money transfer are suffocated by proper laws ,jihad will suffer a HUGE setback.
Posted by: Rajesh_singh at March 4, 2007 1:36 AM
OOPS posted same thing twice by mistake. I apologize.
Posted by: Rajesh_singh at March 4, 2007 1:37 AM
Rajesh
Money transfers is the least of their problems - most of them do hawala transactions, where it's all in cash, with no paper trail whatsoever.
Solution is drying up the financiers - bottom line - turning off the cash flow for the oil. Once that happens, you'll see an end to the mushrooming of mosques and madrassahs all over the world.
I'm waiting for the day we can drive V8 cars on solar energy alone.
Posted by: Infidel Pride at March 4, 2007 1:53 AM
Saudis? And their Banks? Involved in financing terrorism? Who'd a thunk it?
Posted by: Zenster at March 4, 2007 3:19 AM
OK so the Arab bank gets nailed because it is taking too much of a cut from the cartel bankers of Chase (Rockefellers) and the Rothschilds of France and England with the Warburgs of Germany.
So when is all that opium, diamond, white slave billions flowing through European banks going to get investigated and sued?
Or how about the billions of coke, oil bribes and arms deals flowing through the American cartel banks going to get investigated and sued?
The answer is they won't ever. Marc Rich funnelled billions for Saddam, the UN and Bill Clinton and got a pardon. There is not a major bank in this world which does not do exactly knowingly what that Arab bank "got caught" doing in they all skim money to make profits.
The Arabs just got nailed, because they were taking too big of a cut from the big boys.
at March 4, 2007 3:50 AM
Infidel Pride
Money transfers is the least of their problems - most of them do hawala transactions, where it's all in cash, with no paper trail whatsoever.
Exactly, it is the least of their problems so we should make it so difficult that it becomes a moajor probem.
Jaha tak hawala ka sawal hai, person caught in hawala have no paper trial,so the cops can pick them up without any and give them the mumbai or UP police style interrogation or make use of them as informers because no paper trial makes it easier to do so.
Posted by: Rajesh_singh at March 4, 2007 4:11 AM
If it's true, shut-em down.
Posted by: Jeff at March 4, 2007 6:49 AM
these sowdi banks can be sued by families whose members died at the hands of suicide killers. enough money can be siphoned off from sowdi banks to make an impact. make it cost them more money for non muslims lives lost and or maimed, that they will think twice before compensating families of suicide killers.
Posted by: ZenaWarriorPrincess at March 4, 2007 7:50 AM
Cut off the Money and Ban Muslim immigration....no more foreign aid, no more loans, no more financial negotiations, no more, nore...
Posted by: exsgtbrown at March 4, 2007 1:02 PM
""Arab Bank had reason to believe these were humanitarian payments or social welfare payments, and there was certainly nothing in any of the public information that suggested to the bank at the time that these were in any way to induce terrorism or reward terrorism," said Robert Chlopak, a representative of the bank who is based in Washington."
...yeah, the Muslim cleric who received the money said so....
Posted by: exsgtbrown at March 4, 2007 1:03 PM
Is this the same bank that is providing the final two million needed to open up the Grande Mosque in Boston?
Posted by: Briars at March 4, 2007 3:28 PM
Merrill Lynch as recently as 2003 was selling the certificates of deposit of Arab Bank - I complained to management and they shrugged their shoulders....so I left. Absolutely disgusting that one of the premier financial institutions of the USA would be complicit in raising money for a bank that was suspected of being involved in terror financing/tranporting of funds for terrorist purposes.
Posted by: religion of(blown to)pieces at March 4, 2007 9:39 PM
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