Dick Eastman
THE TERRORIST NETWORK AND THE BANKS
Tue Jul 1 15:53:59 2003
208.152.73.44

Thank you for this quick translation and forwarding Jean-Pierre Desmoulins

June 30, 2003 No.323

THE TERRORIST NETWORK AND THE BANKS
From the French Weekly Marianne"

The islamic terrorist network would get around 50 million dollars per year.
This recycled black money would transit through Anglo-American banks. The
French secret services have discovered these obscure transactions. A way to
close up a little more the differences between France and USA, n'est pas?

The report, containing several pages, has been on the desk of the French Minister of Defense Michelle Alliot-Marie for a few weeks. Related to the financing of the Oussama Bin Laden organization, it is so precise that it has been a singular pleasure, at the top of the French state, to transmit a copy to the American counterparts who, apparently, were impressed by the work of their French allies. (Collaboration between French and American intelligence agencies in fact has never ceased thoughout despite serious differences over Iraq between Paris and Washington.) The report points out that the huge technical means employed by the USA to seize the former Public Enemy Number One (replaced since by Saddam Hussein) are inefficient and that nothing replaces well-informed human
sources in the field.

Sophisticated Methods

The surprise to the Americans come mostly from the methods of investigation use by
the French secret services. Extremely sophisticated ways to get cash, that only a handfull of specialists could detect. How does it work ? Not money laundering, but money blackening, i.e. recycling funds after they were washed. The finance specialists who advise the direction of Al Quaida don't hide their millions under their mattresses. They fitted their time by
working on derivative products. They know the exchange contract beetween two parties, abuse of term market and don't ignore anything of techniques known from specialists as the "call" options that you can sell out of cash if you want to speculate on a bearish market.

"These complex fictive transactions are done through screen companies located in fiscal heavens, to make the money circuit unseen." explains a source close from the french intelligence services. Blackening money, as a contrary of money laundering, is the use of funds coming from licit activities towards illicit activities. The range of the derivative products used is very large : negociating finance instruments at good will, shares, obligations, buying and selling goods, contracts on moneys... For amounts of several billion dollars exchanged every day, these transactions would be undetectable.

Still today, the main funds supplier would be the family of Bin Laden, on a wide sense. Officially, Ossama got his share of the heirloom in in april 1994. It would amount for 275 millions of dollars. But the reality is, as the French secret services believe, that the support from the family would never have ceased. As an example, the "Globe Administration Limited" company, based in London, a subsidiary of the pension fund of the Bin Ladin
family (Islay Holding Ltd), would have multiplied up to 2000 the fictitious transactions at loss, especially with the Merill Lynch bank. Magic tricks that would have allowed to transfer funds without leaving any evidence.

The richer families of the middle est would be the more regular donators, in the name of their sympathy for the cause. This is at least what say the French secret services, without however bringing material proofs (it's the law of this type of report). Originating in the south of Yemen, as the Bin Laden, the members of the Bin Mahfouz family, quoted several times since the 11th of september 2001, have long been among the most solid supports of the Al Quaida founder. The money went then through two finance companies : "Al Saudi National Commercial Bank", the first bank in Saudi Arabia, founded in 1950 and ruled by Abdallah Bhamdan, and the "Crédit Libanais", considered as a subsidiary of the first.
Enough to sustain a siege

According to the report, most of the money flows transited through Anglo-American banks, and especially in one where the Bin Laden family holds an account. The fictive transactions, the enquirers say, are often made by executives of Libanese, Iranian or Turkish nationality, with a rank of trader or public relation. Sometimes parties in the thing, they would be motivated by the will to make the companies which employ them make money. The english employees execute the orders without understand them, with an unique ambition : become themselves traders. As for the highest executives, usually named for political reasons, they would be too interested of the excellent results of these operations.

The buying and selling orders are given by finance companies located in three countries : United Arab Emirates (Dubaļ), Lebanon (Beyrouth), and Swiss (Lugano). But it is in Sudan, Bahrein and in Lebanon that the money is directed. At the heart of the business, a given Akbar M. Born in Tanzania, and holding a personnal account at Merrill Lynch, operated by a lebanese, he is described as a suave person who knows how to captivate the bankers of the City, and plays a key role inside the Saudi Investment Company, created by a member of the Bin Laden family. Perfectly aware of the Cedel, a compensation chamber based in Luxembourg, he practices these long term option contracts known under the name of
"warrants". As to simplidy, the loss transactions are not for all, as offshore funds, especially managed by the International Arab Investment Bank, get the money back. Among the holders of benefits, at the end of the chain, are also quoted the Z... Bank (Lebanon), in which Ossama Bin Laden holded a largely creditor account (75 millions dollars) up to 2001, the Bahrein Middle East Bank, in which the boss of Al Quaida holded also a personnal account, and the Al-Soudani Al-Shamal Bank, of which he was also a shareholder.

As for discretion, the average fictive transaction is for an amount of around 20 million dollars. Loss or benefit is on an average of 10%, which gives a money transfer of around 2 million dollars, hardly visible at the scale of the international banking transactions. With about ten transactions a year, the sum generated is around 20 millions dollars. Enough to sustain a siege, the more if these operations are repeated with three or four banks

The french secret services point an accusator finger towards several renowned institutionnal investors. They give indeed the name of one of the majors finance insitutions in Kuwait, without precising if this institution finances Ossama Bin Laden as a moral person or if it acts for rich individuals gained to his cause. The profits derived each year towards the the terrorist islamic organization would reach the 50 million dollars. All this in cooperation (not necessarilly in knowledge of it) of JP Morgan and Merrill Lynch, two anglo-american finance companies, respected in the whole world. Their occidental interlocutors did they have the means to know what hided these enormous financial flows ? One doesn't refuse a financial transaction to an influent Kuwaitian businessman living in London, attending fashionable night clubs and who manages funds raising billions of dollars. All the more if he pays good commissions in the operation.
Cherry on the cake, proper to give Jacques Chirac a way to negotiate a non-official closing with Washington, the French secret services seem to believe that one of the main secret finance man of Bin Laden lived, up to the last months, in Iraq. Just before the war, he would have found a refuge in a nearbour country, where he should soon hear from the CIA.
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