Arab Bank Told to Stop Wire Transfers
Charles Johnson
Mon Feb 28, 2005 at 2:23 pm PST • Views: 191
Another blow to the terrorist financing network, according to US regulators: Officials tell Arab Bank to stop wire transfers.
Arab Bank’s New York branch office was implicated Friday by U.S. regulators in a money-laundering investigation into “suspicious” transfers of substantial sums of money by the Middle Eastern bank involving “high risk” customers.
The Treasury’s Office of the Comptroller of the Currency ordered Arab Bank, which is based in Jordan, to immediately halt wire transfers from its Madison Avenue office, preserve its records, including documents related to its Grand Cayman Island branch, and to begin an “orderly winding down” of all bank operations in this country.
Frank says: