Posted on 10/03/2004 6:06:03 PM PDT by JustPiper
Let us not forget diamonds fund Al Qaeda
U.S. Regulators Find Deficiencies at Arab Bank's New York Branch
AP ^ | 2/25/05 | Marcy Gordon
Posted on 02/25/2005 6:16:48 PM EST by JeanS
WASHINGTON (AP) - U.S. regulators said Friday that Arab Bank PLC, one of the largest financial institutions in the Middle East, has inadequate controls against money laundering at its New York branch and has been ordered to stop transferring funds or opening new accounts there.
In an unusual move, the Office of the U.S. Comptroller of the Currency, a Treasury Department agency, said the branch was being converted into an entity that will not conduct traditional banking activities but will continue to engage in corporate and trade financing.
Jordan-based Arab Bank, with operations in 30 countries, faces several lawsuits in the United States by relatives of terrorism victims in Israel who allege it supported terrorism by funneling donations to Palestinian suicide bombers and their families.
The bank, which had said recently it would close the New York branch, agreed to the conditions in a consent order with the comptroller's office.
"The inadequacy of the branch's controls over its funds transfer business is especially serious in light of the high-risk characteristics of many of the transfers," the comptroller's office said in the order, which was dated Thursday and announced Friday.
Rep. Sue Kelly, R-N.Y., who heads a House subcommittee that has investigated terrorists' use of the U.S. financial system, called the action by the comptroller's office encouraging but added, "I remain deeply concerned about reports of Arab Bank's role in supporting terrorism and look forward to learning additional facts regarding this situation in the coming weeks and months."
Families of about 40 U.S. citizens killed in terrorist attacks in Israel sued Arab Bank in federal court in New York City last summer, accusing it of channeling money to Palestinian terrorist groups and of making insurance payments to beneficiaries of suicide bombers.
"This isn't the time to declare victory," Gary M. Osen, an attorney representing the families, said Friday. "The Treasury Department has taken an important step by setting up a process for closing Arab Bank's U.S. operations, but we're a long way from a full reckoning with Arab Bank for what they've done."
The plaintiffs also allege that the Texas-based Holy Land Foundation for Relief and Development used Arab Bank's New York branch to transfer money to Hamas, a Palestinian terrorist organization blamed for dozens of attacks in Israel. The Justice Department in August indicted the Holy Land Foundation on charges of providing millions of dollars in support to Hamas.
Officials of Arab Bank have called those allegations "completely false and totally irresponsible."
In a statement Friday, Shukry Bishara, Arab Bank's chief banking officer, said the agreement with the U.S. regulators "will help strengthen our internal controls and will give our customers and regulators even more confidence in the safety and security of Arab Bank."
The decision to close the New York branch was announced earlier this month by the Central Bank of Jordan, which oversees the operations of Arab Bank - the kingdom's largest financial institution with some $32 billion in assets. The bank is partly owned by the prominent Palestinian Shoman family, and its shareholders include the Saudi Oger Co., which was owned by former Lebanese Prime Minister Rafik Hariri, who was killed on Feb. 14 in a bombing in Beirut.
--
On the Net:
Office of the Comptroller of the Currency: http://www.occ.treas.gov
Arab Bank PLC: http://www.arabbank.com
AP-ES-02-25-05 1746EST
This story can be found at: http://ap.tbo.com/ap/breaking/MGBZ8W6ZM5E.html
Boy are we on the same wavelength!
Thanks for posting this DL!
U.S. ends Arab Bank wire transfers
Regulators cite control problems; bank was accused of moving money to families of suicide bombers.
http://money.cnn.com/2005/02/25/news/midcaps/arab_bank.reut/index.htm
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Airport gems raid 'nets millions'
AMSTERDAM, Netherlands -- Thieves hijacked an armored car from the KLM cargo ramp at Amsterdam's Schiphol airport Friday and made off with millions of dollars in diamonds and jewelry, the Dutch airline said.
http://www.cnn.com/2005/WORLD/europe/02/25/diamond.heist/index.html
Financing Osama
http://www.frontpagemag.com/Articles/ReadArticle.asp?ID=17135
Engineers in India operating power plant in Indiana
40% of 2005 outsourcing projects will fail
(and then become tax write-offs IMHO)
Al-Arian's attorneys ask for another delay in trial
http://www.tampabays10.com/news/news.aspx?storyid=12209
Muslims going nuts in Sweden and Europe. Beating and killing young Europeans
http://www.balder.org/articles/hatespeech/James-Waite-Racist-Murder-Sweden.php
Thanks for the ping!
They will be trying that in America before long. God knows, we have enough of them living here! heh!
I can't leave YOU out, you know that!
Tweety is the best ;)
Thanks for showing up and pinging AG!
Thansk for staying faithful to NoE, we are viewed very often, last I looked about 5,000 times, so we are serving a purpose
It's All about Sami:
The Sami Al-Arian Case
Al-Arian's lawyers say racism taints potential jurors
Lawyers for the former USF professor may try to move his terrorism trial away from Tampa
http://www.sptimes.com/2005/03/02/Hillsborough/Al_Arian_s_lawyers_sa.shtml
Defining the Left
http://frontpagemag.com/Articles/ReadArticle.asp?ID=17190
Al-Arian lawyers seek delay
(article 1/2 way down)
http://www.orlandosentinel.com/news/orl-locstbriefs02030205mar02,1,332260.story?coll=orl-news-headlines
Analysis: Fair terrorism trial questioned
(Sami the biggest Terrorist Fundraiser)
http://www.wpherald.com/storyview.php?StoryID=20050302-024627-8611r
Continuing the Outsourcing List:
-J-
Jabil Circuit
Jacobs Engineering
Jacuzzi
Jakel, Inc.
JanSport
Jantzen Inc.
JDS Uniphase
Jockey International
John Crane
John Deere
Johns Manville
Johnson & Johnson
Johnson Controls
JPMorgan Chase
J.R. Simplot
Juniper Networks
Justin Brands
-K-
K2 Inc.
K&S Interconnect
KANA Software
Kaiser Permanente
Kanbay
Kayby Mills of North Carolina
Keane
Kellogg
Kellwood
Kelly-Springfield Tire Co.
KEMET
KEMET Electronics
Kendall Healthcare
Kendro Laboratory Products
Kenexa
Kentucky Apparel
Kerr-McGee Chemical
KeyCorp
Key Industries
Key Safety Systems
Key Tronic Corp.
Kimberly-Clark
KLA-Tencor
Knight Textile Corp.
Kojo Worldwide Corporation
Kraft Foods
Kulicke and Soffa Industries
Kwikset
-L-
LaCrosse Footwear
L.A. Darling Company
Lake Village Industries
Lamb Technicon
Lancer Partnership
Lander Company
Lands' End
Lau Industries
Lawson Software
Layne Christensen
La-Z-Boy
Leach International
Lear Corporation
Leech Tool & Die Works
Legendary Holdings, Inc.
Lehman Brothers
Leoni Wiring Systems
Levi Strauss
Leviton Manufacturing Co.
Lexmark International
Lexstar Technologies
Liebert Corporation
Lifescan
Lillian Vernon
Linksys
Linq Industrial Fabrics, Inc.
Lionbridge Technologies
Lionel
Littelfuse
LiveBridge
LNP Engineering Plastics
Lockheed Martin
Longaberger
LOUD Technologies
Louisiana-Pacific Corporation
Louisville Ladder Group LLC
Lowe's
Lucent
Ludlow Building Products
Lund International
Lyall Alabama
White House Daily Briefing
2/28
Lebanon/Syria, torture, Iran, Social Security, Medicaid, Iraq
With regards to Lebanon and the developments there today, we are closely watching developments with great interest. The resignation of the Karami government represents an opportunity for the Lebanese people to have a new government that is truly representative of their country's diversity. The new government will have the responsibility of implementing free and fair elections that the Lebanese people have clearly demonstrated they desire. We believe the process of a new government should proceed in accordance with the Lebanese constitution and should be free of all foreign interference. It is time for Syria to fully comply with United Nations Security Council Resolution 1559. That means Syrian military forces and intelligence personnel need to leave the country. That will help ensure the elections are free and fair.
http://www.allamericanpatriots.com/m-news+article+storyid-6817-PHPSESSID-2c8b7194befba972ae9d2ababb503752.html
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Averted attack linked to Syria
Damascus using Hezbollah-backed cell to hit Jewish state
http://worldnetdaily.com/news/article.asp?ARTICLE_ID=43084
Western Donors Weigh Billions for Palestinians
Benefactors want to aid peace process without pouring money into a possibly corrupt system
http://www.latimes.com/news/nationworld/world/la-fg-arafat1mar01,1,6735629.story?coll=la-headlines-world
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