Arab Bank Under Investigation

Get the WebProNews Newsletter:

[ Business]

US banking regulators pursue terrorist money trail through New York branch of Middle East bank.

An investigation by US banking regulators and Israeli military interests into Arab Bank PLC has traced large sums of money moving through the bank’s New York branch. Over $20 million USD has moved through the branch to or from a few dozen terrorist or terrorist group suspects. The US banking regulator, the Office of the Comptroller of the Currency, compelled Arab Bank to suspend most of its US-based operations.

Though many suspected terrorist names have turned up in the investigation, the Arab Bank claims it has not done business with anyone designated by the US Government as a terrorist. The Arab Bank further states it has cooperated fully with authorities in the investigation, even though a spokesman for the OCC cited issues with “the completeness and accuracy of information given to us…”. The investigation has been referred to as an “open-enforcement case” and no other public comment has been made on the matter.

David Utter is a staff writer for WebProNews covering technology and business. Email him here.

Arab Bank Under Investigation
Comments Off
Top Rated White Papers and Resources

Comments are closed.

  • Join for Access to Our Exclusive Web Tools
  • Sidebar Top
  • Sidebar Middle
  • Sign Up For The Free Newsletter
  • Sidebar Bottom