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Citibank Asks For Guidance In Handling Hamas Money
WASHINGTON, Jan 28 (IslamOnline & News Agencies) - Citibank appealed last week to the U.S. Treasury Department to guide it in handling Israeli concerns that the bank is being used to channel money to Hamas in Gaza and the West Bank.
In his letter to the Treasury Department, Joseph Petro, a managing director of Citigroup, said that the specific entity Al-Aqsa International, with which Citibank currently deals, is not on the list of group and individuals with whom U.S. citizens and businesses are barred from doing business. He hoped the Treasury Department would clarify its position on dealings with Al-Aqsa International.
Al-Aqsa International was founded in 1997 with $18 million and is owned by Jordan Islamic Bank. The Palestinian Treasury added $2 million to the entity in 1998 bringing its capital to $20 million. It began operations in 1999.
Hamas, which is on the "Specially Designated Nationals" (SDN), a list of countries, individuals, and organizations with whom U.S. firms are prohibited from doing business, is reported to have used Al-Aqsa International to fund its operations.
According to The Jerusalem Post, "the top contributors of concern is the Holy Land Foundation for Relief and Development, a U.S.-based, non-profit organization that was removed from the list of USAID-recognized NGOs last year after the State Department claimed it had ties to Hamas."
The Israeli government estimates that around $100 million are channeled to Hamas from around the world every year.
In the letter, Petro said, "Let me be clear: Citibank would never knowingly do business with a terrorist organization."
We hope that you move promptly to reach a decision and advise us of any action you may be taking with respect to this organization and the concerns raised in the article. Please be assured that we will take immediate, appropriate action," he said.
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