A proposed Palestinian anti-money laundering law would do little to stop the illicit fund-raising efforts of sanctioned militant group Hamas, which acquires much of its funding through bulk cash smuggling, say consultants. Arab and Israeli newspapers reported Aug. 21 that the Palestinian government run by the political party Fatah, which is vying with Hamas for the control of the divided Palestinian territories, is drafting measures to counter laundering by its rival. Hamas, which split with its once tenuous ally Fatah in a violent takeover of Gaza Strip in June, has been considered a terrorist organization by the U.S. since 1995....
A London-based bank has forced the closure of accounts for an Islamic charity it believes has ties to Hamas, a Palestinian organization sanctioned internationally for terrorism, the charity disclosed this week.
The case involves the conviction of a man in Texas on money laundering charges for attempting to smuggle more than $83,000 in cash into Mexico, according to court documents. It is the only case this month that U.S. justices have agreed to hear, according to the Supreme Court's Web site.
Legislation setting the new cross-border cash declaration rule is aimed at stopping cash smuggling across the EU which is becoming more prominent as financial institutions tighten their anti-money laundering initiatives.