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Top 5 Money Jihad posts

October 7, 2014

This blog has been around for five years next week. Readers may be interested to see what some of the most popular posts here have been. According to WordPress statistics, these have been the five most frequently read/visited posts on this blog to date:

  1. The world’s 20 biggest Muslim NGOs
  2. The world’s 5 richest terror groups
  3. Zakat Foundation & Muslim Hands unite
  4. Islamic tax chart
  5. Welcome to Lilburn, Georgia

Not a bad selection. But we wouldn’t necessarily say those have been our best posts. Now, for the editor’s top 5 favorites:

Lastly, the oddball gallery. These are our top 5 “overlooked” posts—items that, never seemed to gain the traction or readership they deserved. Were these just too weird for popular consumption? You be the judge:

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Arab Bank liable in Hamas money case

October 6, 2014

Litigation can help bankrupt terrorist groups by discouraging banks from providing them with account services. While banks like HSBC have gotten a lot of attention for weak compliance programs, there are some banks—particularly Gulf-based and sharia banks—that have purposefully funded terrorist groups out of shared sympathies or backscratching arrangements with the ruling monarchies. Jordan’s Arab Bank is one of them. Note that in this case, as in almost every other high-fatality terrorist operation in the past 20 years, a Saudi front charity is involved.

From ACAMS MoneyLaundering.com:

By Colby Adams and Kira Zalan

In the first trial of its kind, a federal court said Monday that Arab Bank is liable for deaths caused by Hamas and a Saudi charity that used its accounts to reward terrorism.

A jury in the Eastern District of New York ruled in the decade-old case that the Amman-based financial institution should pay the families of individuals killed by Hamas in reparation for providing banking services to the group’s leaders and facilitating payments to relatives of suicide bombers.

Using Arab Bank accounts, the Saudi Committee in Support of the Intifada Al Quds offered the payments as a reward to the families of any Palestinian terrorist, regardless of group affiliation, according to the plaintiff’s attorneys, who said the program functioned with the financial institution’s consent…

Arab Bank will appeal.

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Sharia bank caught circulating counterfeits

October 5, 2014

Islami Bank Bangladesh, Ltd. (IBBL) has distributed counterfeit currency to a garment manufacturer that made a withdrawal to pay its employees’ wages, according to local police.

IBBL, the biggest sharia-compliant bank in Bangladesh, has previously been implicated by the government for diverting profits to terrorist groups as a form of corporate zakat, and is currently under a national investigation for its expenditures. The counterfeit scheme raises the possibility of wider fraudulent activities by IBBL that even previously suspected.

From the Dhaka Tribune on Sep. 14 (h/t Munazir):

Fake notes distributed by Islami Bank

The incident is brewing anger and distrust among that bank’s subscribers

Garments company Lumbini Ltd withdrew Tk50 crores to pay its employee-salary from Bandarban Islami Bank on Thursday September 11 in which thousands of bank notes were found to be fakes.

The company paid employee salary to its 24 sections, out of which the Finishing Section received 500k sixty three thousand where the most number of notes were found to be fakes.

On Saturday, after joining work, the employees complained about the fake bank notes which prompted the company to recover 1,000 fake notes from its 26 employees. Later, those 26 employees were repaid with genuine notes.

The latest news is that police is seizing all the paid salary. They believe, more fakes may be recovered once the seizing process is completed. Police has tightened security around the garments.

The incident is brewing anger and distrust among that bank’s subscribers.

Islami Bank Bandarban branch Manager Nurul Hossain Kauser has denied any allegation of distributing fake bank notes. Among Bandarban Hill Tracts’ 7 upazillas,  there is only one of Islami Bank branch at Bandarban town’s Masjid building.

Many other Islami Bank subscribers are coming out saying they also received fake notes from the bank before…

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Look back: the true cost to wage terror

October 3, 2014

Leading up to Money Jihad’s fifth anniversary next week, we’re looking at some of the biggest terror finance stories and commentaries over the past five years.

Although we’ve written about Loretta Napoleoni and her views before, we’ve never shown her important “TED talk” from 2009. Napoleoni makes the valuable point that the amount of money taken to carry out a specific terrorist attack is only a sliver of the money that terrorist organizations need to build, recruit, train, and sustain their operations over time. So much money, in fact, that it becomes difficult to conceal and easier to interdict.

This video is longer than what we normally post, but it won’t bore you. Roll tape:

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Terror payola news: recommended reading

October 2, 2014
  • 300 plaintiffs would have their health or loved ones back if it hadn’t been for Arab Bank and the money they handled for Hamas, a jury finds… more>>
  • Qatar gave $15 million to the institute that keeps a key U.S. negotiator for peace in the Middle East on its payroll.  The summary in Latin is quid pro quomore>>
    (h/t Europe News)
  • The smoke clears on the history of Hezbollah‘s cigarette smuggling in North Carolina with the publication of Lightning out of Lebanonmore>>
    (hat tip El Grillo)
  • The Israel-Gaza rocket war was triggered by a $61.5K contract killing of three Israeli teenagers ordered by Hamas… more>>
  • Treasury’s top authority on the subject says, “Qatar, a longtime U.S. ally, has for many years openly financed Hamas”… more>>
  • On Hamas’s recent bank robbery of $750,000 from the Bank of Palestine in Gaza City… more>>
    (h/t El Grillo)
  • Ukraine lists 172 Russian citizens & 65 Russian companies to be sanctioned “for financing terrorism”… more>>

 

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10 women who’ve funded jihad

September 30, 2014

The wife of Al Qaeda leader Ayman al-Zawahiri, Umaymah Hasan Ahmed Muhammed Hasan, once declared that Muslim women “should fulfill whatever they [the mujahideen] ask of us, may it be through monetary aid to them or any service or information or suggestion or participation in fighting or even through a martyrdom operation” (emphasis mine). Several have taken that message to heart.

Money Jihad has compiled profiles of 10 women who have funded Islamic terrorism since 9/11. This list includes several women who lived on the West coast of the U.S., but also the Midwest, U.K., and Europe. Pakistan-based terrorists and al-Shabaab in Somalia are common recipients of their funds. Several of these women worked with other women to carry out their fundraising or cash smuggling activities, while others worked with men.

Readers may also remember several women who have helped secular terrorist groups rob banks to raise money for their causes, including Ulrike Meinhof (Red Army Faction), Patty Hurst (Symbionese Liberation Army), and Assata Shakur (Black Liberation Army).

Are we forgetting any others?

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Jihadist’s family out of business after secret $9 million transfer to Lebanon

September 29, 2014

Australian financial authorities have foiled an ongoing attempt to keep millions of dollars in transactions off the books by a remittance company owned by a terrorist’s sister and her husband. The case illustrates the possibilities for financial system abuse by small, non-bank financial companies based in the West with significant business operations in high-risk countries like Lebanon. The case also provides justification for probing the money trails and the sympathies of the families of convicted terrorists.

Hat tip to El Grillo for sending in related news. From The Sydney Morning Herald on Sept. 17:

Sharrouf family firm shut over terror funding fears

A Lakemba money transfer business owned by the sister and brother-in-law of convicted Sydney terrorist Khaled Sharrouf has been suspended amid concerns it was sending millions of dollars to the Middle East to finance terrorism.

Damour Sharrouf and her husband Ahmed Alwash have had their Lakemba firm Bisotel Rieh Pty Ltd suspended after the financial intelligence agency AUSTRAC became concerned about millions of dollars sent to Turkey and Lebanon that the firm has failed to account for. It is the first such suspension over suspected terrorism financing.

Ms Sharrouf, 37, is the older sister of Khaled Sharrouf, the 31-year-old who is wanted for terrorism offences and who escaped to the Middle East on his brother’s passport.

Local business owners told Fairfax Media they had seen Khaled Sharrouf inside the Lakemba business, which also operates a travel firm, before he went overseas.

“Yes, I’ve met him before,” barber Mohamad Machlouche, who owns the business next door to the money transfer firm, said. “He seemed different before [he went overseas]. He seemed normal, looking for work, was a normal person.

“No one on earth was expecting anything like this.”

According to the money transfer firm’s website, it has an office in the northern Lebanon city of Tripoli, seen as an epicentre for Sunni extremism in the country and a gateway to funding militant groups in neighbouring Syria – raising the possibility that money could even have gone to the brutal Islamic State group.

AUSTRAC’s acting head John Schmidt told Fairfax Media the agency’s concerns were based on the fact that Bisotel Rieh was failing to report all of the money it sent overseas and often refused to reveal who was ultimately receiving the funds. Also, it was sending money to “high terrorism financing risk jurisdictions”.

“We’ve had some concerns about the quality of their reporting. For example, for the period from January to August this year, they reported international funds transfers of $12.3 million. We believe from other sources that it was in fact closer to $21.3 million,” Mr Schmidt said.

“So in that eight-month period, there’s already a $9 million discrepancy. That causes concerns.”…

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