The Financial Conduct Authority (FCA) of the UK has been probing into Al Rayan Bank, a British bank owned by Qatar, for its alleged linkages to Islamist and is under investigation over its money-laundering controls.
It has revealed finally that the bank has provided financial services to numerous organizations linked to Islamist groups. Among its account holders are groups linked to the Muslim Brotherhood. It is a well-known fact by now that the Muslim Brotherhood is a charity banned in the US as a terrorist entity. The bank has also been known to be financing the groups that promote hard-line preachers, and a mosque whose trustee is a Hamas leader.
At the moment, the FCA has placed Al Rayan’s anti-money laundering (AML) processes and controls under formal review. This stand has now led to ongoing investment in enhanced AML processes as well.
Al Rayan, headquartered in Birmingham in central England, is the UK’s largest and oldest Islamic bank. It is 70 percent by Qatar’s Masraf Al Rayan and 30 percent by Qatar Holding.
This is not the first time that a Qatar financed facility outside of its boundaries has been investigated into terror financing. News has been doing rounds over Qatar using many tactics to ensure it continues to fund terrorism worldwide, especially in Britain and rest of Europe where money is being transferred into dubious accounts and fictitious identities to ensure Islamist terror groups continue to carry terror activities like the recent ones in Somalia where Qatar’s involvement has come clear.
This is the one reason why most Arab countries have cut ties with Qatar and placed it into an embargo where Qatar cannot participate in any bilateral trade or even share airspace with neighbors.