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Failed Bombing Prompted Treasury to Scrutinize Unregistered MSBs, Hawala Networks: Sources
By Brian Monroe
printLast year's failed Times Square car bombing has been the chief impetus behind a recent U.S. Treasury Department's initiative to identify unregistered money services businesses and hawala networks, according to sources. The department's Financial Crimes Enforcement Network (FinCEN) began more closely screening the suspicious activity reports (SARs) it receives after it was disclosed that Pakistan-born Faisal Shahzad, who attempted in May 2010 to blow up an explosive-packed Nissan in the heart of Manhattan, had received funding for the operation through hawala brokers, said an individual familiar with the matter. After the disclosure, the bureau began more closely working with regional...
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