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| International |
| Qatar clamps down on money laundering |
| 2002-06-07 |
| The Qatari Cabinet approved an anti-money laundering law, becoming the third Gulf state to take such a step since the Sept. 11 terror attacks. The law stipulates that money launderers will receive prison terms of between five and seven years and hefty fines. "The law will give authorities the necessary tools to track and combat money laundering operations in Qatar," central bank governor Abdullah bin Khaled al-Attiyah told The Associated Press. The clampdown follows U.S. pressure on Persian Gulf states to squeeze the financial resources of terrorists in the wake of the Sept. 11 attacks. Some Islamic banking practices were suspected of being used by Osama bin Laden and his al-Qaida organization to finance its activities. The new law gives Qatar's central bank more authority to inspect local bank accounts it deems suspicious. It will also force Qatari banks to act with more transparency and report suspicious transactions or activities to the central bank. The United Arab Emirates and Bahrain have taken similar steps and Oman is set to issue its own law on money laundering. Kuwait and Saudi Arabia haven't announced plans for anti money-laundering laws. The Soddies, being about 12 miles past the point of no return, have replaced any pretence at cooperation with vitriol. The Kuwaitis, specifically the al-Sabahs, are stuck in the middle between the U.S. as guarantor of their existence, and the Soddies as the guys holding the strings on their own internal wahhabi loons. |
| Posted by:Fred Pruitt |