Modal close

Dear Democracy Now! visitor,

You turn to Democracy Now! for ad-free news you can trust. Maybe you come for our daily headlines. Maybe you come for in-depth stories that expose corporate and government abuses of power. Democracy Now! brings you crucial reporting like our coverage from the front lines of the standoff at Standing Rock or news about the movements fighting for peace, racial and economic justice, immigrant rights and LGBTQ equality. We produce our daily news hour at a fraction of the budget of a commercial news operation—all without ads, government funding or corporate sponsorship. How is this possible? Only with your support. If every visitor to this site in December gave just $10 we could cover our basic operating costs for 2017. Pretty exciting, right? So, if you've been waiting to make your contribution to Democracy Now!, today is your day. It takes just a couple of minutes to make sure that Democracy Now! is there for you and everybody else in 2017.

Non-commercial news needs your support.

We rely on contributions from you, our viewers and listeners to do our work. If you visit us daily or weekly or even just once a month, now is a great time to make your monthly contribution.

Please do your part today.


Multinational Banks Fight Tougher Money Laundering Laws, Putting Profits Over Fightingterrorist Financing and Money Launderers

StoryNovember 16, 2001
Watch iconWatch Full Show

In the weeks after the September 11 attacks, President Bush said a key element in America’s so-called war onterrorism will be identifying and cutting off the sources of financial support for terrorists. Bush has since signedan executive order freezing the financial assets of several alleged charities that Bush says are fronts for theal-Qaida network. Congress recently passed legislation as part of the anti-terrorism bill which the BushAdministration says will help to close loopholes which make it possible for terrorists to launder their money, andEuropean governments have been working to pass similar legislation.

Over the years, the worlds of terrorism and dollar-based global finance have in fact become so entwined that Bushhimself appears at one point in his career as a private businessman to have been involved financially with associatesof a Persian Gulf banker named Khalid bin Mahfouz. Mahfouz has now been identified in press reports as a source offinancial support for an al-Qaida charitable front–a powerful example of just how far the tentacles ofterrorist-linked offshore money have reached into the fabric of American finance.

Achieving the goal of cutting off the terrorists from their sources of financial support, however, will require muchmore than Presidential speeches. It will require investigators to probe America’s mightiest banks ­ financial giantssuch as Citibank, Chase and J.P. Morgan–and the practices that allow criminals to use them in order to laundertheir funds.


  • Elise Bean, Chief Counsel for the Senate Permanent Committee on Investigation, and lead researcher on athree phase investigation chaired by Senator Carl Levin into how lax practices by some of our largest banks haveallowed criminals around the world to launder money in the U.S.

Related link:

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.

Make a donation