THE TERRORIST FINANCING CLUES: ARE YOU WATCHING FOR THEM?

If you are a compliance officer at an EU or UK bank that onboards affluent clients from the Middle East, you should be monitoring the press coverage of the war in Gaza, lest you miss something that results in your unwittingly banking terrorist funds. An article yesterday, where an Israeli General officer detailed what was found at the underground "residence" of Hamas leader YAHYA SINWAR, provides a small detail of note: Sinwar had a safe, in a room in which his personal effects were kept. That safe reportedly held millions in cash.

Take that to mean that the IDF confiscated only a small portion of the illicit wealth that the Hamas leader had "diverted" ( meaning stolen) from Qatari greenbacks delivered to Gaza for distribution to its government employees, charitable donations from well-meaning Scandinavian donors, Draconian tax revenues Hamas collected, drug profits earned abroad and a host of other terrorist financing schemes. He may not be the billionaire that Hamas "political wing" leaders living lavishly abroad are, but he is still a multi-millionaire nevertheless.Where's the rest of his cash? Spirited out of Gaza, most liekly, while the tunnels into Egypt were still functioning, and coming right into your bloody bank, unless you, as gatekeeper, stop it.

Remember, those carrying, and seeking to deposit, that fugitive cash will not only be members of his extended family, but members of his clan. If you cater to Middle Eastern clients, you has better be familiar with the identities of wealthy clans from the Palestinian Territories, so that you can differentiate legitimate affluent businessmen from terrorist bagmen. Do you have Arabic speakers in compliance, familiar with the methods of obtaining region-specific information for due diligence inquiries. I surely hope you are prepared to separate the wheat from the chaff, lest you draw both serious fines, and negative press, later when your compliance malpractice appears in EU media. Stop terrorist financiers, and their bagmen, at the door, please.