DIFFERENT ANGLE by Kenneth Rijock
Mahmoud Abbas, the president of the Palestinian Authority, has ordered the closing of 92 charitable organisations, based upon their affiliation with Hamas. These entities were reportedly infiltrated by Hamas agents in the past, and were allegedly involved in serving the political ends of that designated terrorist group. The PA plans to form eleven new charities to replace those terminated by this action. More importantly, Hamas will now be looking for new avenues and methods to funnel money to meet its needs, and compliance officers in the Middle East should expect the emergence of new pipelines.
ih the Middle East should continue to investigate large suspicious cash transactions, and cash transactions inconsistent with the client's trade or business, where the destination is either Palestine or Lebanon.
On a policy basis, it is important to remember that Hamas has directly threatened to engage in operations against the United States, and this means a zero tolerance on the part of US law enforcement and regulators when it comes to financial institutions who are discovered dealing with Hamas, whether intentionally, or negligently. Don't let your bank become a collateral casualty in the global war on terrorism.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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