Ransom payments and other money raised by blacklisted Malian insurgents are likely entering the formal financial system despite international sanctions, say former governmental investigators. Kidnappers tied to al-Qaida in the Islamic Maghreb (AQIM), the Movement for Oneness and Jihad in West Africa (MUJWA), Ansar al Deen and others have raised $65 million since 2005, according to a July 2011 estimate by the Paris-based Financial Action Task Force. The Islamist groups have led the insurgency against Mali's government after pushing aside ethnic Tuaregs. While the ransoms tend to be paid in cash, the magnitude of funds makes it highly likely that...
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.
Documents and data seized Sunday by the United States during the military raid that killed Osama Bin Laden will likely give officials insight into how the terror group's financial network operates, say analysts.
It can be a rare but difficult moral dilemma for bank compliance officers: what to do when you know that a client wants to wire a ransom payment to kidnappers, a transaction that technically abets a crime.