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Description
This study examines the banking activities of Al Taqwa Bank and investigates the reasons why the United States government, the United Nations and the European Union concluded that it was a major financier of terrorist organizations after the events of September 11th. This study analyzes literature, interviews and government documents in order to portray accurately the events and actions that this bank and its affiliate members undertook to fund terrorism. This study also covers the philosophy that lies beneath the creation of Al Taqwa Bank, including the integration of Nazi ideals with that of Arab nationalism after the defeat of Nazi Germany in World War II. It considers not only how this helped Al Taqwa come into fruition, but also the ramifications this has had on the international community in the past and may have in the future. This study also examines the individuals who had the greatest influence within Al Taqwa Bank. It considers the links among members and their philosophies, most notably their affiliations with Nazi Germany and with The Muslim Brotherhood, in searching for a common agenda among its members. In addition, this study reviews the clientele served by the bank -- a clientele that evidently included both terrorists and "regular" citizens. This study delves into the different banking mechanisms that allowed this financial transfer of illicit funds to occur, such as money laundering, the use of shell companies, trade diversions, and other illicit activities, and examines what the international community has done to combat this presence as a security threat. Individuals involved in the creation and operation of Al Taqwa Bank either have died or been found not guilty, due to lack of evidence and due to major connections within the political world of Swiss and Italian entities. Even so, there is much to learn about the operation of the bank and the environment in which it was able to operate with apparent impunity. Issues of "bank secrecy" and dual-criminality are discussed, as well as the continuing efforts to revise international agreements in order to remove the shroud of secrecy behind which terrorist activities may flourish. Finally, this study examines the extent to which established protocols of secrecy -- and prominent figures -- stood in the way of a crucial investigation. This study touches on key elements of international diplomacy and the overlap of states' interests and businesses' interests. Sometimes these interests seem indivisible and, when that is the case, new approaches to diplomacy are indicated.
