For those of you who are watching the disturbing developments in South Ossetia and Georgia; note well, whenever there is armed conflict resulting in civilian casualties and refugees, the United Nations and private charities are not the only one who react. Money launderers, particularly those involved in terrorist financing operations, look upon these as opportunities. Let's look at the types of activities they typically engage in as they seek to take advantage of the chaos and urgent needs in the aftermath of war.
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Even as Russia pledged to begin withdrawing its forces from neighboring Georgia on Monday, American officials said the Russian military had been moving launchers for short-range ballistic missiles into South Ossetia, a step that appeared intended to tighten its hold on the breakaway territory.
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NEW YORK (AP) - America's biggest banks have suffered unprecedented losses from the ongoing credit crisis, and that's made some investors question whether the big financial conglomerates should be broken up in order to survive.
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Well, can it? Before you answer, take a look at the short video, available on YouTube, that the journalist Dale Hurd posted on CBN, the Christian Broadcasting Network, a few days ago.
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DEBKAfile Special Report
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from Jihad Watch
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Dr Jasim Ali, Special to Gulf New
Last week Moody's Investors Services published an exceptional report about Islamic banking industry. Entitled, 'Frequently Asked Questions: Notable Trends in Global Islamic Finance', the report revealed some valuable insights into the potential of Islamic banking. Yet, one could disagree with some of the arguments made by the report's author, Anouar Hassoune, vice-president and senior credit officer at the company.
Amongst others, the report claims that the Gulf Cooperation Council (GCC) countries do not want the private sector dominating the realm of Islamic banking. Accordingly, the GCC governments are increasingly entering as strategic investors in Islamic financial institutions (IFIs). Cases in point are Dubai government owning a controlling stake at Noor Islamic Bank (NIB). Set up 2007, NIB aims at becoming the largest IFI in the world within the next five years. Also, state pension funds own 30 per cent of Alinma Bank in Saudi Arabia. Set up in 2006, Alinma sold 70 per cent of shares through initial public offers earlier in the year. Likewise, the Qatari government partly owns Masraf Al Rayan.
The report suggests that government ownership should help making IFIs only more acceptable. 'If governments have an increasing share of ownership in IFIs, the risk of consumers perceiving an IFI as insufficiently compliant with sharia is somewhat mitigated,' it said. However, existing IFIs are not suffering from a reputation of being overtly commercial.
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