Skip to comments.London's Terror Bank
Posted on 08/21/2008 7:31:40 AM PDT by nuconvert
London's Terror Bank
August 21, 2008
In the war on terror, the U.S. has had no greater friend than the United Kingdom. And as the U.S. economy continues to suffer under the burdens of Sarbanes-Oxley, our British friends have demonstrated a more sensible approach to financial regulation.
For both of the preceding statements, however, there is an exception. Even as the U.K. stands with us in rallying the world against doing business with Tehran, an Iranian bank with a history of financing terrorism continues to operate in London.
On September 8, 2006, the U.S. Treasury announced it was cutting off all direct and indirect ties to the U.S. financial system for Iran's Bank Saderat, given the bank's history of financing terrorism. Treasury's press release did not mention the United Kingdom, but an October 2007 Treasury report connected the dots.
From 2001-2006, the London subsidiary of Bank Saderat transferred $50 million from the Central Bank of Iran via a Bank Saderat branch in Beirut to front groups for Hezbollah. Hezbollah also has used the bank to funnel money to other terrorist organizations such as Hamas. Almost two years after the U.S. cut off Saderat's access to American finance, and close to a year since the Bush Administration diagrammed the electronic money trail from Tehran to terror via London, Bank Saderat PLC continues to do business in the U.K.
(Excerpt) Read more at s.wsj.net ...
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