Last week, we reported on action taken by the US Treasury against Doha Bank in Qatar as reported by Money Laundering Alert.
This week is barely off to a start and Money Laundering Alert has just come out with a new report on an Islamic Bank in Gaza which has been blacklisted by the US Treasury Department because of its ties to HAMAS.
National Islamic Bank just opened its doors in Gaza and claims to have no direct control from terrorist groups, yet members of HAMAS sit on its board. Once again, we have here a classic example of lack of transparency and failure to disclose material facts on the part of a Shariah-Compliant bank.
The Treasury Department will place the new bank on the OFAC (Office of Foreign Assets Control) sanctions list almost immediately…