DIFFERENT ANGLE by Kenneth Rijock
Reliable media reports have stated that Israeli jets have bombed and destroyed the numerous tunnels used by Hamas to bulk-cash smuggle US Dollars into the Palestinian Territory of Gaza. Since those were the primary method of covertly transporting dollars into Gaza (a lesser method being Palestinian diplomats coming through from Egypt), how will they now move the cash? Since Israel will most certainly continue* to restrict, or even block, shipments of its own currency (NIS) into Gaza, look for some new methods to emerge on dollar smuggling.
Bankers in the Middle East who regularly deal with Palestinian nationals and businesses, and who are well aware that Hamas is a designated Global Terrorist Organisation under OFAC regulations, would be well advised to be alert for any new and unusual requests for funds transfers, particularly if they involve circuitous routes, or transfers to or through Iran or Syria. Some way will be found to move the cash; banks looking to avoid potential US sanctions must now be on alert, so that they do not unwittingly facilitate such transfers.
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Readers may want to review my recent article on the subject. Watch for Increase in Risk in Middle East, World-Check 16 December, 2008.
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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