[osint] Arab Bank Announces Withdrawal from the U.S.

--- begin forwarded text To: "Bruce Tefft" Thread-Index: AcUQg90Ntm4eZXoQRjGRmZ+BhzYIgw== From: "Bruce Tefft" Mailing-List: list osint@yahoogroups.com; contact osint-owner@yahoogroups.com Delivered-To: mailing list osint@yahoogroups.com Date: Fri, 11 Feb 2005 16:51:38 -0500 Subject: [osint] Arab Bank Announces Withdrawal from the U.S. Reply-To: osint@yahoogroups.com Arab Bank Announces Withdrawal from the U.S. Yesterday Arab Bank PLC, Jordan's largest bank, announced that it intends to withdraw from the United States. Arab Bank, which maintains a branch on Madison Avenue, is currently under federal regulatory investigation, reportedly for failing to abide by U.S. anti-money laundering laws. Arab Bank also faces a flurry of allegations from over 800 U.S. and Israeli victims of Palestinian terrorism who allege that the Arab Bank, including specifically the New York branch, facilitated systematic payments to the families of Palestinian suicide bombers and to HAMAS front organizations (see prior <http://counterterror.typepad.com/the_counterterrorism_blog/2005/01/arab_ban k_as_te.html> post here). For purposes of full disclosure, I am serving as Special Counsel to the largest such suit. In announcing the retreat, a statement from Jordan's Central Bank said: "The climate of operating in the United States at present is not expedient with the bank's strategy and vision." Unlike al Qaeda financing, the financing of the second intifada has been conducted openly and in plain sight. According to the suits, much of the money that moved through Arab Bank originated in Saudi Arabia, as part of an organized undertaking known as the Saudi Committee in Support of the Intifada Al Quds (later renamed the Saudi Committee for Relief of the Palestinian People). The Saudi Committee helpfully posts its records (updated through the Spring of 2002) on the web at www.alquds-saudi.org. The web site even makes clear that contributions to the Saudi Committee are sent via Arab Bank, and includes records of disbursements of approximately $5300 each made to the families of numerous known terrorist operatives, including, for example, suicide bombers responsible for the August 2001 attack on the Sbarro pizzeria in Jerusalem and the June 2001 attack on the Dolphinarium disco in Tel Aviv. Those attacks killed or injured many innocent civilians, including scores of Americans. According to the suits, payments knowingly made by and through Arab Bank have provided an incentive for these and other acts of terrorism since September 2000. The payoffs are remarkable, as is the decision of the bank to withdraw from the United States in a clear attempt to avoid further scrutiny and possible massive liability. As Rep. Sue Kelly (R-NY), the Vice-Chair of the House Financial Services committee, stated: "Americans would be appalled by the notion that the families of Al-Qaeda murderers were being rewarded through a financial institution located in New York." Ron Motley and Gary Osen, lead attorneys for Israeli and American victims, respectively, yesterday said that they would take immediate steps to make sure that relevant documents and records remain in the United States as Arab Bank flees for safer jurisdictions. The U.S. government should also take immediate steps to assure moral and legal accountability for the financing of the second intifada as, we hope, prospects for peace in the Middle East continue to improve and the terror of the last four years recedes. http://counterterror.typepad.com/ [Non-text portions of this message have been removed] ------------------------ Yahoo! Groups Sponsor --------------------~--> Give underprivileged students the materials they need to learn. Bring education to life by funding a specific classroom project. http://us.click.yahoo.com/FHLuJD/_WnJAA/cUmLAA/TySplB/TM --------------------------------------------------------------------~-> -------------------------- Want to discuss this topic? 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