Posted on 11/29/2001 9:59:43 AM PST by t-shirt
Accused group traded despite US terror fears
By Victoria Griffith in Boston and Mark Huband and John Willman in London
Last Updated: November 29 2001 14:29
An organisation accused by the US government of financing Osama bin Laden's al-Qaeda terrorist network was able to continue in business for two years after suspicions arose that it was involved in money-laundering activities.
Barakat Boston, part of a Somali-owned money transfer group, was asked to close its account at BankBoston in 1999 as it made frequent payments just below the $10,000 limit that triggers a report to federal authorities under anti-money laundering measures. The bank, now part of FleetBoston, also realised Barakat was not licensed to make money transfers.
But the business was able to reopen within months as Barakat North America, using accounts at Citizens Bank and Key Bank - two other New England banks - as there was no system for banks to communicate with each other on suspicious activity.
Citizens, owned by Royal Bank of Scotland, and Key Bank declined to comment on Wednesday.
Barakat's accounts were frozen earlier this month after Paul O'Neill, US Treasury secretary, accused the parent Barakat group of helping Mr bin Laden move money round the world and sharing half its profits with al-Qaeda.
Since September 11, Mr O'Neill has overseen the introduction of a raft of new rules intended to cut off the flow of funds to terrorist groups.
Barakat has denied any connection with terrorism, al-Qaeda or Mr bin Laden. But the weakness of controls over illegal money transfers has allowed Mr bin Laden to move funds freely between countries for more than a decade, according to the second part of the Financial Times investigation into the al-Qaeda terrorist network.
Mr bin Laden has been able to move large sums around in cash, transfer money through charities and legitimate businesses and send money across borders using banks and informal payments systems such as Barakat's. Al-Qaeda was able to move the $500,000 needed to finance the September 11 attacks from Germany and the Gulf into the US.
The investigation also reveals the scale of charitable giving in Middle Eastern countries that allows Islamist organisations to siphon large amounts for terrorism. Estimates range from $5bn to $16bn of charitable donations, with Kuwait, the tiny oil-rich gulf kingdom, providing $16m a month alone.
Many legitimate Islamic charities have been used to provide cover for al-Qaeda activities, the FT has found. But Mr bin Laden has also used the international banking system to move money, paying $230,000 for an aircraft in 1993 by sending money through two leading US banks to Texas.
The FT has found that attempts by Mr bin Laden to make money from profitable businesses during his stay in Sudan between 1991 and 1996 came to nothing. He lost all his money in the country as the government failed to pay him for work he did in building roads and other projects.
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******Check out all of these important threads below:
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That particular article is, IMO, bunk - it starts out with the claim that a CIA operative met with bin Laden in late October while bin Laden was receiving kidney treatment at a hospital in Dubai - but Dubai has stated that bin Laden was NOT in the country at the time. So I would recommend you not use that particular link.
Operation Magic Lantern (FBI Now Targets Christian Defenders of Constitution )
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*************Did Past coverups helped make more terror possible???
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um... er... "rights, liberty or freedoms"??? . You mean I've still got some rights, liberty and freedoms??? Well I'll be darned!!! Looks like I'll need to pay closer attention, eh???
I'd prefer you reply most of your questions and comments on the thread so we can educate others reading the thread. :)
We're not,but this doesn't mean the gooberment isn't going to take them away from us using bin Laden as a excuse,just like they took rights away from us 30 years ago using the KKK as a excuse. Meanwhile,Joe Sixpack sits around in front of his tv muttering "Damn right! That's what they get for attacking us Mericans!",and voting for more.
19 posted on 11/29/01 4:42 PM Pacific by rubbertramp
Ah....yes...perhaps Atta was their man (associate/employee/etc)who opened the account....
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