Exclusive: New Questions About Saudi Money—and Bandar [Saudi Embassy in DC funds terrorism]

Newsweek ^ | April 4 2004 | Michael Isikoff

[yonif]

April 12 issue - A federal investigation into the bank accounts of the Saudi Embassy in Washington has identified more than $27 million in "suspicious" transactions—including hundreds of thousands of dollars paid to Muslim charities, and to clerics and Saudi students who are being scrutinized for possible links to terrorist activity, according to government documents obtained by NEWSWEEK. The probe also has uncovered large wire transfers overseas by the Saudi ambassador to the United States, Prince Bandar bin Sultan. The transactions recently prompted the Saudi Embassy's longtime bank, the Riggs Bank of Washington, D.C., to drop the Saudis as a client after embassy officials were "unable to provide an explanation that was satisfying," says a source familiar with the discussions.

[AdmSmith]

Higher oil prices help ease Saudi Arabia's public debt: AMF
ABU DHABI, April 3 (Xinhuanet) -- A surge in oil prices pumped an extra 33 billion US dollar into Saudi Arabia's coffers in 2003 and allowed it to reverse an upward trend in its debt for the first time in many years, a report from the Abu Dhabi-based Arab Monetary Fund(AMF) said.

The English daily Gulf News Saturday quoted the report as saying that the Gulf kingdom's public debt was estimated at around 173 billion dollar at the end of 2003 compared with nearly 181 billion dollar in 2002.

The decline slashed the ratio of the debt to the gross domestic product(GDP) to nearly 80 percent in 2003 from 94 percent in 2002, according to official figures.

"The decline in the debt for the first time in many years was a result of a sharp increase in oil prices in 2003. The increase alsoenabled the kingdom to record a large surplus in its budget for thesecond time in nearly two decades while its current account recorded a large surplus," the AMF's report said.

Citing Saudi government data, the Arab League's main financial institution said the kingdom's current account might record a smalldeficit in 2004 due to an expected decline in oil prices and production in the coming months.

Saudi Arabia's public debt has steadily increased over the past 15 years as the government had to resort to domestic borrowing to finance a persistent budget deficit caused by lower oil income and rising development needs.

The 2003 surplus in the current account is very important because it means the kingdom does not have to borrow from abroad. It is also important that the government take measures to tackle the budget deficit because it has announced more than once that it intends to issue balanced budgets in the current development plan. This will send a good signal to investors here and abroad.

The AMF report, citing preliminary Saudi estimates, said the kingdom's exports of goods are forecast to reach around 56.8 billion dollars this year while imports are projected at 31.1 billion dollar, with a trade surplus of nearly 25.7 billion dollar.

"As for the current account, it could record a deficit of around2.4 billion US dollar in 2004," the report said.

Announcing its 2004 budget in late December, Saudi Arabia projected revenues at 53.3 billion dollar and expenditure at 61.3 billion US dollar. But experts expect actual revenues to be higher as the government has forecast a price of 18 to 20 dollars for its crude. Enditem


http://news.xinhuanet.com/english/2004-04/03/content_1399436.htm

Why are they spending billions of dollars on spreading Wahabbism?

[yonif]

They also spend the money on Hamas.

[AdmSmith]

Hamas get most of their money from Iran.

[yonif]

Yeah, Iran and Syria. But also Saudi Arabia, which Israel sees as giving over 50% to Hamas.

Dore Gold: Saudis provide most of Hamas funding

[Bobby777]

the stench from Saudi Arabia re: 9/11/2001 continues to grow ...

[Finalapproach29er]

Neutron bombs only zap living things-don't destroy oil wells, buildings, etc.......


No need for a parking lot. LOL

[tubavil]

The saudis are filthy arab muslim terrorists.

April 2, 2004
http://www.siteinstitute.org

Terror Probe Follows the Money

WASHINGTON -- For two and a half years, terrorism investigators have scoured the globe for evidence of where exactly al Qaeda has acquired its funds. Not long ago, they made what could be a milestone discovery.

From January 1998 through August 1998, bank records show, a Saudi investor named Yassin Qadi transferred $1.25 million from his Geneva bank account through an associate to an alleged al Qaeda front company in Turkey, known as Maram.

Even before the attacks of Sept. 11, 2001, Mr. Qadi, like some other wealthy Saudis, faced questions about whether his prolific charitable endeavors funded terrorism. But the 1998 transaction, never disclosed publicly before, marks the strongest documented link to date between the terror organization and Saudi financiers, who combine their great wealth with support for radical Islam.

Because it connects Mr. Qadi directly to alleged al Qaeda terrorists, the Maram connection "has the potential to be extremely significant," said former National Security Council aide William Wechsler, an expert on terror financing.

Despite many outsiders' suspicions, Saudi financiers long avoided scrutiny by their own monarchy, which used its strong ties to the U.S. to help shield them. Even today, after their own country has been attacked by al Qaeda and many Islamic charities have been exposed as fronts for terrorism, many devout Saudis take great offense at the global effort to restrain and regulate their charitable undertakings. The trail that Mr. Qadi's money took after it reached Turkey underscores just how blurry the line is between funding charity and funding jihad.

Of the 1998 transactions, Mr. Qadi's lawyers insist his gifts were meant merely to help the worthy cause of religious education -- in this case, an Islamic school in Yemen -- not to buy arms. However, the school itself has come under scrutiny partly because it is run by an alleged associate of Osama bin Laden. Its most famous alumnus is John Walker Lindh, the so-called American Taliban who is serving a 20-year sentence.

Mr. Qadi's lawyers say his donations originally were made to a personal friend and business associate whom the U.S. accuses of being an alleged al Qaeda operative. The funds, records show, were then transferred to Maram, a Turkish travel and trading firm.
Source: Wall Street Journal

[mewzilla]

While I am sure this is all true, and should be dealt with accordingly, I have to wonder why Newsweek is printing it.

[Mad_Tom_Rackham]

What will it take for us to treat the Saudis as a terrorist government? Another 9/11?

IMO, probably several 9-11's. The "world community" will be VERY slow to pick up on militant (wahabbi) islamists, IMO. I recommend stocking up on LOTS of weaponry and ammunition. Only after these fantasy-oriented fanatics understand that every person around them has the will to fire a bullet into their skulls will they stand down.

[Ethyl]

In addition, we can stop giving them covet and honor here in America which is only to curry favor with them to keep their filthy oil flowing. They have no choice but to sell it to us, and we are too stupid to stop buying.


No, we need to start DRILLING for our own oil, we don't need the arabs, we have our own, f*ck the demoncrapts, we need to drill for oil in the US. Wake up demoncrapts, it is your fault that we are having a problem with oil, and the cost of oil. It is the demoncrapts fault!!!!

[mercy]

Ho hum. Nothing to see here. Move along.

The house of Saud pitches and the Bush boys catch. Same ole same ole. So long as the money flows a few thousand dead Americans are insignificant.

[eddiespaghetti]

Plus there is still plenty underneath Beverly Hills High School, 90210...

IINM, there is still an active oil rig behind the Beverly Center in West LA (not far from BH).

[Valin]

Bump for later

[b4its2late]

Ahh yes, true. Forgot about that weapon.