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‘September, 2001’

Follow the money — through U.S. banks

Follow the money — through U.S. banks

Sacramento Bee, Sept 23, 2001)

Terrorist networks all over the world depend on the international bank and corporate secrecy system to hide and move their money. This structure is allowed to exist by agreement of the world’s banks and financial powers. A lot of people make money from it, including the owners and managers of banks that hide customers’ deposits from tax authorities. But an unintended consequence is that it helps worldwide networks of terrorists.

Terrorists need a way to finance operations in dozens of countries around the globe, to pay for houses, salaries, transport, weapons and explosives.

How U.S. Bank Laws Fund Terrorists

How U.S. Bank Laws Fund Terrorists

Pacific News Service, Sept 21, 2001

For years the banking laws of the United States and its allies have protected money laundering, which makes money for banks and the wealthy, and has even helped Washington fund “freedom fighters.” But the system also provides funds and cover for terrorists; the system must be dismantled with new laws.

The global money-laundering system used by terrorists has also served the U.S. government and banks for years, creating wealth and occasionally supporting U.S. political interests abroad. Changing U.S. bank secrecy laws to pierce that laundering system is as essential to stopping terrorism as military force and diplomatic moves.

Bank Secrecy Gives Terror Safe Haven

Bank Secrecy Gives Terror Safe Haven

MSNBC.com, Sept 19, 2001

Global money laundering made easy by loose rules on secret accounts

Terrorists work the levers of global banking laws to move money that finance their efforts from phony banks to real ones, like Britain’s Barclays Bank, which Osama bin Laden allegedly used.

Terrorist networks all over the world depend on the international bank and corporate secrecy system to hide and move their money. This structure is allowed to exist by agreement of the world’s banks and financial powers. A lot of people make money from it, including the owners and managers of banks that hide customers’ deposits from tax authorities. But an unintended consequence is that it aids and abets worldwide networks of terrorists.