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In Vetting Correspondent Islamic Institutions, Questions About Charity Accounts Are Key, Say Consultants
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In the financial compliance world, debt repayment doesn't usually attract much in the way of negative attention. But in the context of other red flags, sudden debt reimbursement can signal that a client is following a little-known stricture for Islamic soldiers who may soon die in battle.
Recent political turmoil and ever-rising regulatory expectations for banks have made it significantly tougher for British charities to send financial aid abroad, according to a survey.
Nearly a month after the start of a 6-month abatement of Iran sanctions, U.S. officials have offered scant details on a promised financial stream for charitable donations to the country. In fact, say some humanitarian aid groups, nothing has changed at all.
A federal court sentenced the five leaders of an Islamic charity to a total of 180 years in prison Wednesday for funneling $12 million to a blacklisted Palestinian terrorist group.
A dedicated group of intelligence consultants are sounding the alarm over the growth of Islamic banking and its potential nexus to radical Islamic and terrorist causes, even as many in the banking industry dismiss their concerns as overstated.
One way to tackle the challenge of Islamic banking is to dispel myths that may be associated with it.
Charities avoid detection by funneling money through intermediaries not included on government watch lists, making it more difficult for banks to identify terrorist links.
