- TrendMicro says “2016 will be the year of online extortion.” Rather than simply holding data for ransom, hackers will threaten to divulge personal information about users if a ransom isn’t paid. Cyber-criminals will use the psychology of fear to a greater extent than ever before through ransomware.
- Enhanced financial monitoring in EU. This is as much of a reflection on 2015 as it is a prediction for 2016, but second-generation Muslim immigrants will continue returning from the Syrian front to Europe. Domestic intelligence services will be too under-resourced to monitor all of the jihadist returnees. A British psychic website goes as far as to predict a terrorist attempt to assassinate Chancellor Angela Merkel. While there is no way of predicting such a thing, it does seem that since Germany has been such a favored destination for Middle Eastern transients, Germany could very well be targeted by ISIS operatives for a major operation. German authorities would do well to beef up customs and border searches for the possibility of bulk smuggled cash and to increase monitoring by undercover agents of black market firearms purchases by suspected Islamists.
- Forecasters are predicting a modest rebound but a continued low price for oil in 2016. This will put pressure on the budgets of the Arab Gulf monarchies. It should also mean that they’ll have less money to export Wahhabism and fund Islamist rebellions.
- Expect Washington to promulgate more counter-terror finance regulations that paint with a broad brush. Compliance officer Doug Cornelius predicts that “FinCEN will come out with new regulations imposing anti-money laundering requirements on investment advisors and fund managers.”
- Taliban spending spurt. There are mixed predictions for the Taliban in 2016. Some analysts predict that the Taliban will topple the Afghan government again, while others predict that the leadership scuffle in the wake of Mullah Omar’s reported death, the rival appeal of ISIS in Afghanistan, the strength of Afghan security forces, could weaken the Taliban or force it to a negotiated settlement. Sensing that it’s do or die for the Taliban, Money Jihad predicts they’ll employ more aggressive and audacious tactics, and they’ll be willing to expend hundreds of millions of dollars for their militant operations in 2016.
Posts Tagged ‘AML’
5 terror finance predictions for 2016
January 11, 2016Hawala used to launder £20 million in England
January 26, 2014A British trial has revealed that criminal gangs have been laundering drug money by sending it through hawala and conventional banking channels from England to a hawala dealer overseas to send back to the gangsters in the U.K.
Despite the seriousness of the underlying crime, four of the men involved in the scheme have received light sentences ranging from three years in prison to supervised release with no prison time. The sentencing is reminiscent of that of New York hawala dealer Faisal Shahzad, who funded the failed Times Square bomber and got off with probation.
Meanwhile, law enforcement and financial regulators continue to make marginal or piecemeal recommendations for how to protect financial markets and the public from the inherent risk of hawala transactions. One simple idea would be to impose tougher penalties and longer sentences for hawala crimes.
From the Liverpool Echo on Jan. 17 (h/t Arun):
Gang who laundered more than £20m using ancient Islamic system jailed
Two Liverpool men part of four man gang
Two Liverpool men who helped launder more than £20m of drugs money through banks were spared prison.
The money is believed to have been laundered using legitimate bank accounts and an ancient Islamic money lending system.
Kamran Butt and Instar Ahmed, from Greater Manchester and Liverpool men Steven McKenna and Sean Moore were put under surveillance by police in two undercover operations.
But officers found they were linked when Butt and Ahmed were seen depositing money into the same bank accounts.
The money was transferred to the defendants, who were recruited by operatives in the Middle East, using the ‘Hawala’ system – an informal Islamic way of lending money based on honour agreements and third-party lenders.
A fifth man, named in court as ‘Akhtar’, was also heavily involved – but was deported to Pakistan in 2012 and has not been traced since.
Watched by undercover police, Akhtar and Ahmed were seen depositing huge sums of money at banks in Chorlton, Longsight and Manchester city centre.
The two men would travel to branches of Lloyds, HSBC and Halifax together but then pretend not to know each other once inside.
Ahmed also worked in partnership with others in the gang.
Manchester Crown Court heard how on Monday, August 22, 2011, police intercepted Ahmed and McKenna and seized three rucksacks stuffed with more than £200,000 in cash.
On another occasion, Moore was seen with Butt in his Mercedes car.
Butt was stopped and a bag was seized, which was found to contain about £120,000 in cash.
His Stretford home was then searched and a further £10,000 was seized.Cash receipts in vehicles traced to the four men showed they were paying in anywhere from £500 to £10,000 a time.All the money is believed to have come from criminal gangs, mainly through drug sales.
The criminal cash was given to a Hawala money lender abroad who then transferred the money to a Hawala lender in the UK and gave them a password.
This password was then passed onto one of the defendants allowing them to collect the cash.
They then paid the money into bank accounts in Manchester which the criminals had access to.
The court heard the four defendants were the bottom of the chain – below controllers and then co-ordinators, working as collectors to receive the money, deliver it and pay it into various bank accounts in the UK.
After being caught, all four defendants pleaded guilty – Moore to two charges of money laundering and Butt, McKenna and Ahmed to one charge of money laundering each.
Butt, of Great Stone Road, Stretford, was believed to be behind £12m in laundered cash, and was sentenced to three years and six months.
Ahmed, of Kelstern Square, Rusholme, who is believed to have laundered £10m also received a sentence of three years, six months.
Moore, of Kingfisher Grove, Liverpool, and McKenna, of Maley Street, Liverpool, both received 14 month sentences suspended for 12 months and 12 month supervision orders.
Moore was ordered to carry out 108 hours unpaid work and McKenna 150 hours…
Financial data mining yields no gold nuggets
September 19, 2013Financial privacy is becoming a fading memory of the past due to aggressive regulations by Western governments that require bankers to serve as snitches against their own customers for transactions that may or may not be criminal in nature. These regulations are costly for the banks to comply with (costs which are ultimately passed on to customers), and they carry a price for citizens’ privacy as well.
All that might be forgiven if the invasive policies actually result in stopping terrorists, their financial transactions, or their operations. But according to new research being conducted in the European Union, the results of such programs are “meager and sometimes debatable.” The government holds the data while you’re left holding the bag.
A tip of the hat to Andrew S. Bowen for sending this over:
Terrorism financing barely traceable using data analysis
28 August 2013
Doctoral research by Mara Wesseling has shown that the data analyses being performed as part of the European fight against terrorism financing are of little use for preventing terrorism. Wesseling will receive her doctorate from the University of Amsterdam (UvA) on 3 September.
Immediately following the terrorist attacks on 11 September 2001, the European Union created the EU Action Plan for Combating Terrorism, which included action against terrorism financing as a ‘core component’. Politicians, policymakers and legal experts stress the importance of combating terrorism financing, as they see money as a crucial element in the propagation of terrorism. Specific programmes have been set up to address the problem.
‘My research shows that it cannot yet be demonstrated whether these programmes have had much success with regard to tracking down suspected terrorists or preventing terrorist attacks. In light of the meagre and sometimes debatable results of both programmes, the question arises whether the social and political changes instituted as part of the data-analysis-driven fight against terrorism are (still) desirable or justified,’ Wesseling says.
Terrorist Finance Tracking Program
In her research, Wesseling analysed the Terrorist Finance Tracking Program (TFTP – better known as the SWIFT programme in the wake of the ‘SWIFT affair’) and the Third European AML/CFT directive. These two programmes constitute the most significant initiatives in the European fight against the financing of terrorism.
It has been shown that risk analyses carried out by banks as part of the Third European AML/CFT directive have revealed virtually no patterns that point to terrorism financing. Wesseling goes on to say that the preventive power of the TFTP to detect terrorist networks at an early stage is also limited…
Pakistan scrambles to get off FATF’s gray list
September 16, 2013The world’s leading financial standards body, FATF, alerted the international community earlier this summer that Pakistan and 11 other countries have failed to make sufficient progress in preventing money laundering and terrorist financing.
The newspaper Pakistan Today notes that if Pakistan fails in “coming up with proper and combating the financing of terrorism and anti-money laundering legislations the country may face severe financial sanctions that may affect its financial deals with the World bank, the Asian Development Bank and other top financial institutions” (h/t Zia Ur Rehman). Pakistan should make reforms prior to FATF’s next meeting in October to avoid such sanctions.
Not so coincidentally, Pakistan’s central bank has rolled out a new requirement for Pakistani financial institutions to adopt nationwide software by Sept. 30 that will facilitate the filing of suspicious activity reports by bank employees. When a certain customer or transaction is regarded as suspicious, the financial institutions would use this software to report their observations back to the central bank.
Anybody familiar with new software deployments, even under the best circumstances in well-developed high-tech nations, will recognize that this is an overly ambitious timetable to for implementation. Widespread training and adoption of the software is unlikely to be complete by FATF’s deadline, but the stated goal may be enough to persuade FATF that Pakistan is moving in the right direction.
Pakistan has been cited before by the Financial Action Task Force for its financial regulatory deficiencies. Despite the history of shortcomings, Western nations have continued to saturate Pakistan with foreign aid. Without adequate money laundering an CFT controls in place, there is a high risk of any such military and development aid being abused by malicious actors without fear of detection or prosecution.
Former spooks question financial surveillance
July 2, 2013Sanctions, asset freezes, and financial surveillance have produced the opposite result from what policy makers intended by driving Al Qaeda deeper underground and creating a more diffuse system of financial transactions by the terrorist group. This is the analysis from LIGNET, a group of ex-CIA and intelligence officials.
There is a lot of truth to what these analysts are saying. The regulatory regime has cost banks and our overall economy billions of dollars in compliance costs while producing thousands of meaningless currency transaction reports and foiling few plots. This analysis is also consistent with what Jean Charles Brisard has written about counterterror finance bureaucracy, which he considers “basically useless.” And recent revelations about the federal government’s domestic monitoring policies only cast financial data mining programs such as SWIFT in further doubt.
An excerpt from LIGNET’s analysis follows. Reading their full piece requires registration.
With New Ways to Fund Attacks, Al-Qaeda Now a Bigger Threat
Posted on June 18, 2013
The overreliance by the United States on sanctions and surveillance in the war on terror has allowed al-Qaeda to adapt its methods of financing to avoid detection, and resulted in a decentralized al-Qaeda structure — and a much greater threat.
Al-Qaeda has transitioned from a hierarchical cell structure to a franchise organization that is now responsible for four times as many terrorist attacks a year as it was before 9/11. Al-Qaeda training camps are now being established on the Arabian Peninsula, in Africa, countries of the former Soviet Union, and Southeast Asia.
Background
The current counterterrorism strategy is to rely on economic sanctions and financial surveillance to identify and then stop terrorist financing. Examples of this are the U.S. PATRIOT Act, UN Resolution 1617, and the EU’s Third Money Laundering Directive.
The success of counterterrorism efforts in freezing the assets of terrorists has diminished over time. The UN found that while $112 million was seized in the three months after 9/11, only $24 million was seized in the two years that followed.
The continued targeting of al-Qaeda’s financial assets has had the unintended consequence of transforming al-Qaeda into a loose coalition of localized, autonomous, and self-sufficient terrorist “franchise” cells. These cells, held together by a world view rather than by a hierarchical structure, have been enormously effective. The number of terrorist attacks quadrupled in five years from 208 in 2003 to 864 in 2008.
In terms of financing, al-Qaeda’s shuria or high command council, no longer plays a central role in allocating expenditures or soliciting funds. Instead, terrorist financing has moved further into the ‘grey’ economy. Cells raise funds from a combination of charities, independent criminal ventures, and licit businesses. In fact, crime is now regarded as the main source of funds for al-Qaeda. Criminal ventures generally include extortion, hijacking, theft, blackmail, the drug trade, and kidnapping for ransom (KFR). LIGNET has previously covered al-Qaeda’s use of KFR on the Arabian Peninsula.
Even the transferring of funds between franchise cells has evolved to get around U.S. counterterrorism strategy. Originally, al-Qaeda moved funds through the financial sector, using banks such as France’s Credit Lyonnais, Germany’s Commerzbank, and the Standard Bank of South Africa. However, counterterrorism measures have driven al-Qaeda’s transferring of funds under ground, forcing it to rely on hawaladars and couriers. These provide untraceable methods of securely moving funds. Al-Qaeda recently used Pakistani-based hawaladars to move $1 million from the UAE into Pakistan, at which point the money was couriered to Afghanistan. Al-Qaeda’s pushing of its finances into illicit activities and localized funds have made it difficult for counterterrorism strategies that rely on economic sanctions to be effective. The results can be seen in Table 1, which shows the trend of cheaper – yet more frequent – terrorist attacks.
Experts previously believed that the financial war had been a success. This presumption was based, in large part, on the success the United States had in closing down al-Qaeda’s traditional source of funding. But al-Qaeda has evolved and adapted. New al-Qaeda cells, recruiting centers and finance operations have appeared in remote areas of the world, with key affiliates on the Arabian Peninsula and in North Africa.
Analysis
The measures that have been taken in the war on terror since 9/11 to intercept al-Qaeda’s funding have seen diminishing returns. And while financial sanctions certainly weakened al-Qaeda’s ability to launch attacks, at least for a few years, they undercut the ability of intelligence agencies to “follow the money.” The importance of money trails is highlighted by the fact that al-Qaeda spends around 10 percent of its income on operational costs: The other 90 percent goes toward maintaining an international network of cells…
No sanctions for Hezbollah’s Latin traffickers?
June 23, 2013Ken Rijock insightfully points out what seems to be a bit of a double standard by the federal government—U.S. sanctions against Hezbollah agents in West Africa while Hezbollah agents in Venezuela are simply monitored quietly. Some of the banks in Latin America don’t even know that they have Hezbollah customers because the operatives have not been named in public. Shouldn’t the U.S. be a little more concerned about Hezbollah’s exploitation of New World neighbors?
US SANCTIONS HEZBOLLAH AGENTS IN AFRICA, BUT IGNORES THOSE IN LATIN AMERICA THAT POSE A GREATER THREAT
This week’s designation, of a number of Hezbollah agents working in West Africa, who are engaged in fundraising and recruiting, is a step in the right direction, but still leaves me asking: why aren’t the cadre of Hezbollah agents in Latin America also named and designated ?
Known as Hezbollah Latin America, as well as Hezbollah Venezuela, these terrorists traffic in narcotics, and other criminal pursuits, sending their illicit profits back to Beirut through cooperative financial institutions in the Republic of Panama. They are based in Venezuela, and operate openly, with the blessing of the regime in power there, whose leadership is believed to share in a portion of the the criminal profits, for assisting in the regular air transport of bulk cash into Panama, and allowing the trafficking to flourish.
Here’s the problem for financial institutions in the Western Hemisphere. The 92 Hezbollah agents in place in Latin America have all received valid Venezuelan passports, with new Spanish-sounding names created for them, thereby concealing their true Lebanese identities. I have seen some of those, and they are bona fide documents. These individuals now have clean identities, which allow them to open accounts, transact business, and assist in the material support of a specially designated global terrorist organisation. There are also approximately fifty other individuals who support their operation, cash cash couriers, front business operators, suppliers, and others activities; They also must be identified.
It is plain that law enforcement agencies of the United States have this information, but, with the exception of the leader of the group, none of these individuals has been designated by OFAC. The question is why not ? Neither Panamanian banks, nor for that matter American financial institutions, know who the Hezbollah agents are, and risk unwittingly providing material support to a designated terrorist group…
Read it all.
Chase assesses risk, closes suspected accounts
June 21, 2013Banks have a responsibility under federal law to deny account services to customers who are at risk for funding terrorism, money laundering, or evading economic sanctions. Banks can’t allow customers to send money to countries that lack safeguards against such activities either.
Accordingly, JPMorgan Chase has closed an unspecified number of accounts that are at risk for abuse or criminal behavior by customers who are, according to the Michigan chapter of the Council on American-Islamic Relations, Muslims or Arabs.
The Arab-American Civil Rights League also alleges 50 “improper” account closures by banks such as Flagstar, Charter One, and Comerica.
Opponents of such bank closures would be better served by proposing changes to federal law rather than threatening lawsuits against banks that are simply carrying out their duties under the existing rules.
From the Detroit News:
Muslim, Arab-American groups say banks closing accounts without explanation
- Mark Hicks, June 13, 2013
Two groups are seeking answers to what they say is a growing practice of Muslim and Arab-American groups having their bank accounts closed without cause or explanation.
The Council on American-Islamic Relations–Michigan is asking the Office of the Comptroller of the Currency, part of the U.S. Department of the Treasury, to investigate the complaints and the Arab-American Civil Rights League in Dearborn is pursuing a lawsuit against major banks.
“We see a type of pattern taking place in the Muslim/Arab community,” Dawud Walid, executive director of CAIR–MI, said Wednesday. “Bank accounts are being closed with no real justification … so it appears on the surface that there could be some sort of bias involved.”
One of the latest reported incidents, according to CAIR–MI, involved Alif Arabic, a business described as teaching Arabic to American citizens online. Officials there were notified May 30 by JPMorgan Chase their bank account would be terminated within 10 days. JPMorgan Chase officials did not detail why, according to the letter.
When an Alif Arabic employee asked the bank for clarification, they were told an analytical tool “alerted them that Alif’s account could pose a possible risk,” the letter read.
Walid said such a move could suggest discrimination based on religion and ethnicity. “We need answers and the bank is not giving answers,” he said.
Emily Smith, a JPMorgan Chase spokeswoman, said privacy reasons prevent the company from discussing details of its customer relationships. However, “on occasion, Chase determines it can no longer maintain a customer’s account but those decisions are not based on the customer’s religion, ethnicity or any other similar basis.”
Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency, said: “We have just become aware of the letter and have not had a chance to review. We will look into these allegations.”
Meanwhile, the Arab-American Civil Rights League plans to file a lawsuit after nearly 50 incidents of individual and business accounts being closed.
The group earlier this year asked the U.S. Department of Justice to investigate and launched a hotline for complaints after some area residents were notified by Huntington National Bank and other institutions their accounts were terminated without explanation.
That affected professionals and others who believed they acted lawfully, said Nabih Ayad, the league’s board chairman.
“It’s just a shame this continues to happen. It’s not fair to the community,” he said. “These sort of circumstances, they’re basically telling Arab Americans: ‘You’re not at the same level or beneath the average American”…
H/t to Creeping Sharia for sending this over.
Word of the week: BSA
May 29, 2013The Bank Secrecy Act (BSA) is the primary law in the U.S. against money laundering. Cassara and Jorisch* explain the BSA as follows:
Officially known as the “Currency and Foreign Transactions Reporting Act,” it requires financial institutions to help various government agencies detect and prevent money laundering. Specifically, the BSA requires banks and other financial institutions to file reports of currency transactions exceeding $10,000, to keep records of cash purchases of negotiable instruments, and to report suspicious activity.
The IRS notes that BSA requirements serve to “detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.”
*Cassara, John and Jorisch, Avi. On the Trail of Terror Finance (Washington, D.C.: Red Cell Intelligence Group, 2010).
Jihadists pass zakat through Nigerian banks and charities for Boko Haram
March 25, 2013The Nigerian newspaper Punch reports that financial regulators say Islamic charities are being used to fund Boko Haram.
Terrorist sympathizers are also structuring their bank transactions—a classic money laundering technique—in small enough increments to avoid triggering the filing of suspicious transaction reports by the banks they use.
This is the classic money jihad. Fundamentalist Muslim leaders are obtaining zakat donations from extremist parishioners who believe, as the Koran and Hadith instruct them, that they should wage jihad with their lives and their wealth, and that the mujahideen are an eligible category of zakat recipients.
Read it all:
NFIU probes banks, charities over Boko Haram funds
March 23, 2013
Anti-terrorism experts in the Nigerian Financial Intelligence Unit have placed some banks and charities in the country under watch for allegedly aiding the transfer of funds by Boko Haram.
This is just as there are indications that the extremist group has been involved in recruiting suicide bombers from refugee camps run by the Polisario Front in Algeria.
NFIU sources told Saturday PUNCH that sympathisers of the group had been exploiting monetary practices embedded in Islamic culture, such as Zakat, donation to charities and alms-giving to channel funds to it.
It was learnt that the ease with which terror sponsors had been moving money for terror operations through the banks had also made the job more difficult.
“Being persuasive preachers, the terror commanders often persuade some Muslim Ummah to give Zakat to their jihadist cause. This brings in a lot of money used in terror operations. Security agencies are finding difficult to track this because it leaves no paper trail or bank details,” a source stated.
Saturday PUNCH also learnt that some financial institutions were also being unwittingly used to transfer funds meant for terrorist activities by sponsors and sympathisers of these groups, who move such money in bits to avoid detection.
These banks are said to have ignored the provisions of the law to help customers to transfer money in and out of the country without filing the compulsory suspicious transaction reports where necessary.
Under the Money Laundering (Prohibition) Act, 2011, the Terrorism (Prevention) Act, 2011, Central Bank of Nigeria Anti-Money Laundering/ Combating the Financing of Terrorism Regulation, 2009 (as amended) and other AML/CFT Guidelines, banks and other financial institutions must render suspicious transaction reports to the NFIU, properly identify persons conducting transactions and maintain a paper trail by keeping appropriate records of their financial transactions.
The records will enable law enforcement and regulatory agencies to pursue investigations of criminal, tax and regulatory violations and provide useful evidence in prosecuting money laundering and other financial crimes. The legal provisions were designed to help identify the source, volume and movement of currency and other monetary instruments transported or transmitted into or out of Nigeria, or deposited in financial institutions in the country.
The laws impose criminal liability on a person or financial institution that knowingly assists in the laundering of money or fails to report suspicious transactions conducted through it.
Saturday PUNCH learnt that many financial institutions had neglected to file reports of suspicious transactions with the NFIU, in order not to lose the accounts of high profile clients who move huge funds.
Some of these funds are believed to be proceeds of crime or money laundering, one of the sources said.
“Sometimes, the banks assist their clients to transfer huge amounts in small lodgements to avoid filing a suspicious transaction report as mandated by law; we know all these tricks and we are working to deal with them,” the security official said.
Findings indicated that the terror cells also rely on foreign donations from jihadist organisations in Iran, Lebanon, Libya, Yemen and Saudi Arabia camouflaging as charity groups.
NFIU had also expressed concern over the reluctance of banks to file STR, noting that the insurance industry was more compliant with regard to money laundering and financing of terrorism…
Pakistan falters on terrorism funding
November 16, 2012Much like the recent ultimatum given to Turkey for its insufficient laws against the financing of terrorism, FATF may blacklist Pakistan if it doesn’t update its laws against money laundering and the financing of militants.
In an editorial from the Express Tribune (h/t El Grillo), even the journalists of Pakistan realize that the government should stop pointing fingers, and comply with FATF’s guidance to do more to address the actual problem of terrorism, which has led to 40,000 deaths in Pakistan:
The United Nations can slap Iran and North Korea-like sanctions on Pakistan next year if the Financial Action Task Force (FATF) standards on curbing money laundering and terror financing are not met. In an attempt to ward off this threat, Pakistan is now lobbying to seek international support and feels that the reason it is being targeted is because the FATF is heavily dominated by Western countries and India. Instead of being worried about the FATF’s member countries’ “political motives”, Pakistan should focus on meeting the requirements set by the international anti-money laundering watchdog, as curbing terrorism is something that should be our top priority in any case. Pakistan has suffered the most from home-grown terror; we have lost more than 40,000 lives in terror attacks. The fact that non-state actors have managed to launch cross-border terror attacks and planned attacks in other countries has put Pakistan in further trouble.
The government has reportedly improved the current legislation on counterterrorism financing, which will soon be presented before parliament for approval. The anti-terror legislation must be brought forward as soon as possible. It is an open secret how some terrorist organisations use to have links to elements within the establishment. Since the government was unable to stop these elements from pursuing a deeply flawed policy, the least it can do is put a firm stop to terrorist-funding by bringing in a strong anti-terror legislation. Money laundering is one of the primary sources of finance through which terrorist groups are able to fund their activities. If this source of financing can be cut off, we would be able to somewhat control our terror problems.
Pakistanis live in constant fear of terror attacks on both military and civilian targets. Ridding our soil of terrorists is a win-win for both Pakistan and the international community. It is about time we took this important step and brought forward the anti-terror legislation.
In a sane world, Pakistan would have already been recognized globally for its state sponsorship of terrorism years ago. But to the degree that international pressure will bring about some marginal legal and financial reform, FATF’s standards are probably a helpful incentive.
Money Jihad 
J.P. Morgan to Saudi banksters: buh-bye!
March 4, 2014Fed up with a lack of transparency and flimsy know-your-customer policies, J.P. Morgan has severed ties with the Saudi-based Al Rajhi bank. The sharia bank, whose founder was named in the Golden Chain list of Al Qaeda benefactors, has provided financial services for East Africa embassy bomber Mamduh Mahmud Salim, Al Qaeda leader Ayman al-Zawahiri, and dangerous Wahhabi organizations like Indonesian Kompak and the Al-Haramain foundation.
Thanks to Sal for sending this over from Bloomberg:
Posted in News commentary | Tagged Al Rajhi Bank, AML, BSA, correspondent banking, JPMorgan Chase & Co. | 4 Comments »