Monday, December 13, 2004

UK bank accused over cash for terror

The Times is reporting "HSBC, one of Britain’s biggest banks, has been accused of channelling tens of millions of pounds to suicide bombers. "

It will be alleged in a court action that an account at a subsidiary of the bank in Saudi Arabia was used to collect and pass funds to organisations which then used the money to help Palestinian suicide bombers and their families. A former Citibank subsidiary will also be accused.

Among the groups that received the funds is Hamas, whose supporters have carried out scores of suicide bombings against Israelis.

I notice it says "a subsidiary of the bank in Saudi Arabia". Which makes me wonder how much control or knowledge HSBC had of this subsidiary's financial dealings. Especially when you read this,

A spokesman confirmed that HSBC had a 40% stake in its Saudi subsidiary, the Saudi-British Bank, but said the bank was managed locally. He declined to comment further until the bank had seen details of the writs. The legal action comes at a time when victims of terror are increasingly using the civil courts to take action against those they deem responsible for carrying out terrorist acts.

I recently posted "$156M awarded in teen's killing by Islamic terrorists"

"CHICAGO, Illinois (AP) -- Three Islamic charities and an alleged fund-raiser for the Palestinian militant group Hamas were ordered Wednesday to pay $156 million to the parents of an American teenager killed by terrorists outside Jerusalem."

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