FinCEN Files: UK bank may have moved money ‘linked to terror activity’

FinCEN Files: UK bank may have moved money ‘linked to terror activity’

  • A British bank moved money that may have been linked to terrorist financing, leaked documents show.

Standard Chartered Bank processed almost $12m (£9.4m) in payments for Jordan’s Arab Bank from 2014 to 2016.

In 2016, Standard Chartered filed a report alerting authorities to more than 900 transactions that it suspected might have been for “illicit activities under the guise of charity”.

The report raised concerns about “possible terrorist financing”.The payments were reviewed after a US jury in 2014 found Arab Bank had knowingly provided banking services to the Palestinian militant group Hamas in the early 2000s.

The verdict was later overturned, but in 2015 the bank reached a settlement with 597 victims or the relatives of victims of 22 Hamas attacks in Israel.

In response to the leaked documents, Arab Bank stated that it “abhors terrorism and does not support or encourage terrorist activities”.Arab Bank said it was never notified by Standard Chartered that it had any concerns over transactions processed for its customers.

Standard Chartered said it took its responsibility to fight financial crime extremely seriously.