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Terror Lawsuit Raises Questions about Adherence to Global AML Standards
By Brian Orsak
printA ruling against National Westminster Bank in a lawsuit claiming it knowingly provided services to terrorists could make financial institutions reluctant to openly endorse anti-money laundering standards or best practices that are not legally binding, compliance consultants say. The suit, brought by more than 70 victims of suicide bombings in Israel and their family members, claims that British-based NatWest, knowingly provided financial services for the Palestinian group Hamas, which the United States has considered a terrorist group since 1995. The bank denies the accusations, and the case is still pending. A U.S. federal judge in September 2006 denied a motion...
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Israeli lawyer Itsana Nitsana Darshan-Leitner, who represents victims of terrorism in lawsuits against banks, spoke recently with Fortent Inform reporter Brian Orsak about the suits and what banks should be doing to better monitor for terrorists attempting to exploit the financial system.