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‘Inference’ of Guilt Ruling in Arab Bank Lawsuit May Spur Other Terror Finance Cases
By Brian Monroe
printA U.S. District Court judge's decision this week to allow a jury to assume that a Jordanian bank knowingly processed transactions funding suicide bombings could galvanize separate lawsuits targeting banks. Thousands of plaintiffs in the United States and abroad sued Arab Bank in 2004, claiming that it knowingly provided banking services to four Palestinian terrorist groups, including Hamas, and laundered illicit donations for the Holy Land Foundation for Relief and Development. In some cases, transactions went to compensate the families of suicide bombers who died in Israel, according to court documents. On Tuesday, U.S. District Court Judge Nina Gershon of...
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The U.S. Court of Appeals for the Second Circuit will soon consider a lower court ruling that denied a claim made by terror victims against Iranian funds on the grounds they had been moved out of the United States.
In the first trial of its kind, a federal court said Monday that Arab Bank is liable for deaths caused by Hamas and a Saudi charity that used its accounts to reward terrorism.
The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
The top U.S. court Monday rejected a petition by Arab Bank seeking to shield it from potential penalties for not turning over records to plaintiffs claiming the institution had terrorist clients.
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The United Kingdom's Supreme Court decision in favor of Bank Mellat, Iran's largest private bank, will not weaken overall sanctions on Iran, U.K. legal and banking sources said.
A transactional data handover mandated under a $102 million settlement disclosed Tuesday between the U.S. Justice Department and a defunct Beirut bank will likely lead to new financial crime investigations.
As U.S. officials work to shield American prepaid cards from abuse by financial crooks, foreign-issued stored value products remain a relatively easy avenue to move money into the United States anonymously.
A decision by the U.S. Second Circuit Court of Appeals affirming sanctions against Jordan's largest bank for not turning over data on suspicious accounts could leave some financial institutions with an unwanted choice, say attorneys.
The U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing.
A ruling by a U.S. District Court dismissing a case against a Jordanian bank accused of supporting Hamas won't likely resolve whether banks are liable for the terrorist actions of clients they no longer serve.
Increases in the rates that U.S. states tax cigarette purchasers has led to a rise in tobacco smuggling by organized crime groups and terrorist financiers, say governmental officials.
U.S. officials have launched a criminal investigation after linking data seized at Osama bin Laden's compound in Abbottabad, Pakistan to a Bank Secrecy Act report, counterterrorism investigators said Monday.
The U.S. Justice Department seized $150 million held for a Lebanese financial institution at accounts at five U.S. banks, as part of a crackdown on a purported terrorist financing network.
The U.S. Treasury Department's ability to freeze the funds of suspected terror financiers without a warrant is likely curtailed to emergency circumstances under a court order handed down last week.
Lawmakers are asking the U.S. Justice Department to clarify how it will prosecute individuals and groups that aid terrorist organizations, and whether those cases could involve innocent charity groups.
More than a dozen lawsuits against banks that allegedly provided accounts for terrorist organizations have stalled in court over the past five years, with none yet getting a trial date, court documents show.
The dismissal last month of a $500 million civil lawsuit against UBS AG for allegedly contributing to terrorist attacks won't impact rulings on similar lawsuits against other banks, say analysts.
The New York branch of Arab Bank will pay a $24 million civil money penalty for failing to implement adequate money laundering and terrorist financing controls in relation to its funds clearing operations.
In the midst of four U.S. lawsuits for funding terrorism, two U.S. regulatory investigations into anti-money laundering and counter-terrorist financing (AML/CTF) compliance, and damning media reports that have aroused the interest of Congress, Jordan-base
Arab Banks legal problems continue mounting with a yet another federal lawsuit accusing the Jordan-based financial institution of funneling money to Palestinian terrorist organizations.