SWIFT and terrorists

[LuckyTheDog]

On its Web site, SWIFT has this article dating back to 2003:

http://www.swift.com/index.cfm?item_id=3039

Correspondent banking has a key role to play in the fight against money laundering and terrorist financing. Traditionally a business characterised by the breadth of relationships, a small group of global clearing banks increasingly forms the core of a sector rich with payment information. This is a logical evolution at a time when correspondent banks are tackling the implications of new regulations such as the Patriot Act and are striving for better risk management, better governance and better disclosure.

It is, therefore, only natural that the sector has become more involved in the global debate on how to block financial transactions associated with illegal activity. A key prerequisite for success is to know your customer well. “To maintain confidence and integrity in the financial system, all customers need to be screened, even the most reputable ones,” says Johan Kestens, head of new business development at SWIFT. “Just as an airline checks every passenger in the interest of the safety of all, banks need to examine every correspondent bank customer to preserve the integrity of the industry to the maximum.”

So, we're supposed to believe that the terrorists would have had NO CLUE that SWIFT would cooperate with the feds?


:shrug:


Also... are we suppose to believe that the terrorists can't do a Google search?


http://www.senate.gov/~enzi/launder.htm

http://www.mintz.com/publications/detail/30/Business_Client_Alert_Federal_Legislation_Update_The_USA_PATRIOT_Act_and_Applicability_of_AntiMoney_Laundering_Rules_to_Private_Investment_CompaniesFunds/

http://www.globalsecurity.org/military/library/news/2001/10/mil-011004-usia07.htm

http://suekelly.house.gov/terrorfinanceforum.asp

http://www.wndu.com/news/092001/news_9881.php

http://www.businessweek.com/magazine/content/01_48/b3759052.htm

http://www.pbs.org/newshour/bb/terrorism/july-dec01/finances_11-07.html

http://economist.com/displayStory.cfm?Story_ID=798424

http://www.mirror.co.uk/news/tm_objectid=15752121&method=full&siteid=94762&headline=brown-to-pledge-more-money-to-fight-terrorism-name_page.html


:shrug: :shrug: :shrug: :shrug: :shrug:

[MadMaddie]

1. This administration thinks all Americans are stupid.....

[AnnieBW]

2. Terrorists Don't Use Banks Anyway

Most terrorists don't use the normal banking system anyway. In the Islamic world, there's something called a "hawala", which is a cash transfer through a trusted individual. Say you're in the US and you want to send $5000 to your family in Pakistan. You would go to a member of your mosque, or another member of the community, and give them the $5K plus "handling fee". That person gives it to someone else who is traveling to Pakistan, again for a "handling fee". The traveler goes to Pakistan, gives the $5K to a guy in Karachi, who takes it to your family. Again, for a cut of the "handling fee". You trust that the full amount is going to get to your family because if it doesn't, the handlers will be f*cked, big-time. Since 9/11, governments have tried to crack down on the hawalas with varying success. For a better explaination, see http://en.wikipedia.org/wiki/Hawala

[LuckyTheDog]

3. Yep

But, they think we're stupid -- and they probably think they can use this to get some kind of "emergency" power over the media.