Hindu Vivek Kendra
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UN says al-Qaeda still receiving funds

UN says al-Qaeda still receiving funds

Publication: The Financial Times
Date: August 29, 2002

Efforts to stem funding to the al-Qaeda terrorist network have stalled according to a United Nations draft report seen by the Washington Post newspaper.

The report, written by a UN panel responsible for monitoring the enforcement of an arms, travel and financial embargo against al-Qaeda and related terrorist groups, alleges that some $10m has been blocked to the group in the past eight months and that $112m in assets belonging to the network and its associates have been frozen.

Al-Qaeda continues to draw on personal inheritance money belonging to Osama bin Laden, the group's leader, and is thought to have access to bank accounts in Dubai, Hong Kong, London, Malaysia and Vienna, according to details in the report.

Post-September efforts to hinder al-Qaeda's flow of money have been frustrated through a 'hawala' money network. Such a network funnels money through an ancient and informal system that makes transactions hard to trace.

The report concludes that "despite initial successes in locating and freezing" al-Qaeda assets, the network "continues to have access to considerable financial and other economic resources," and that the funds have proven to be "exceedingly difficult" to trace.

Efforts to freeze the terrorists money supply have been at the forefront of the fight against terror following the attacks on New York and Washington.

The UN is expected to release the report next week.

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