US Bank Denies Link to Hamas Money
Sunday, August 27, 2000 (12:00 am)
US banking giant Citibank appealed to the US Treasury Department Tuesday for guidance on how to handle Israeli concerns it is being used to funnel money to Hamas terrorists in Palestinian areas.
Citibank, which is part of Citigroup Inc. – the world's second-largest financial services company – contacted the Treasury Department after THE JERUSALEM POST reported that Israeli counter-terrorism officials had met with Citibank executives to discuss the matter.
In a letter to the director of the Office of Foreign Assets Control in the Treasury Department, a top Citigroup official wrote that Citibank takes extensive precautions to ensure it does not do business with entities that are under US sanctions.
The POST article said Israeli security was concerned that Citibank is inadvertently being used by US-based Muslim charities to transfer money ultimately to Hamas terrorists. The report claimed Israeli counter-terrorism officials were specifically concerned about an entity called Al-Aqsa Bank, which is said to have branches throughout the Arab world and a total estimated capital of $20m.
The Citigroup letter insisted: "Citibank would never knowingly do business with a terrorist organization… Please be assured that we will take immediate, appropriate action."
Israel estimates that roughly $100m. is channeled to Hamas each year from around the world.
Used with Permission from International Christian Embassy Jerusalem.
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