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Gambian Bank linked to global drug trafficking, terrorism
Friday, 11 February 2011 01:01
JollofNews - Prime Bank (Gambia) Limited has been linked to an international narcotics trafficking and money
laundering scheme as well as terrorism.The US government, through its Treasury Department and Drug Enforcement Administration, Thursday designated the Lebanese Canadian Bank (LCB) SAL, the parent company of the Gambia based private commercial bank, a "primary money laundering concern" for allegedly helping a Lebanese-based drug trafficking organization launder millions of US$ in drug profits.
By virtue of its link to a designated terror group, the Gambian bank is also linked to global terrorism.
A subsidiary of LCB, Prime Bank Gambia is linked to the whole case by virtue of its relationship with the Lebanese organization, Hizballah, considered by the US authorities as a terrorist organization. The 12th commercial bank to be licensed by the Gambian authorities, Prime Bank Gambia is said to be partially owned by a Lebanese individual known to be a supporter of Hizballah.
“The Lebanese Canadian Bank for years has participated in a sophisticated money laundering scheme involving used cars purchased in the United States and consumer goods overseas. Thanks to DEA-led operations, as well as today's Treasury action, we are exposing and disrupting this money laundering network and its connections to global drug trafficking and Hizballah,” said US DEA Administrator Michele M. Leonhart.
A US designated drug kingpin, Ayman Joumaa, through his Lebanon-based drug trafficking and money laundering network, along with several other individuals, have used LCB to launder narcotics proceeds – as much as $200 million per month – as part of this international money laundering network, the US Treasury Department said.
The US government believes that Hizballah has derived financial support from the alleged criminal activities of Joumaa’s network.
In October 1997, the US Department of State designated Hizballah a Foreign Terrorist Organization (FTO). And in October 2001, the Lebanese organization was branded Specially Designated Global Terrorist (SDGT) under Executive Order (E.O.) 13224. This makes any entity associated with it of interest to the US’s anti-terrorism mechanism. Additionally, money laundering has since been identified as one of many schemes of sponsoring global terrorism activities.
“LCB – through management complicity, failure of internal controls, and lack of application of prudent banking standards – has been used extensively by persons associated with an international drug trafficking and money laundering network to move hundreds of millions of dollars monthly in cash proceeds from illicit drug sales into the formal financial system,” the Treasury Department statement said.
Gambia has over the years served as a highly attractive spot for foreign investors, and the country’s financial sector has been especially favored in this regard. As a result of an increasing Middle Eastern involvement, there has been increasing concern over issues of potential terrorism involvement.
Written by Kemo Cham
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Comments
That if you could make every citizen in the world equal...with the same job, the same salary and the same house, the same car, the same education.....and this started tomorrow.
Then within 12 months..those who once had more would have even more...and those who had less...would have the same.
It is what he explained as human nature.
WE are all different, we have different ambitions... and different motivations or lack of them.
A democratic society does not punish anyones choice....but certainly guides towards the citizens personal motivation towards success...and paying taxes.
Lets face it..without taxation there would no governments...and therefore no wars.
Without government...we would have to learn to live together..to survive.
Governments only buy us these weapons...it takes silly buggers like us to fire them.
Peace Bro.
I bet 18 days ago he was a Big Man with a triple AAA credit rating.
Those Western robber baron Bankers exposed again.
Money has no scruples? Its Big bonus time again #####
I'm so glad I come from an industry that rewards hard work and success.
Not fat backsides and failure.
It frightens the neighbours and upsets the children.
Pls name 3 characteristics of Hezbollah that make them a terorists outfit n i will name 3 or more of d same about USA.
Just state them pleeeease Mr. Just try....am waiting.
" He who dares to win will win, we dare ; and we will win ".
Pretty strong opinions fella.
Fortunately, I am not bothered by the troubles in the Middle East because I hold the same views most Middle Easterners (muslims, jews, christians, druze) held toward the Rwandan Genocide - "dumb Africans doing what they do best, killing each other."
Gone are the days when Middle Easterners, using their violent religions, would drag the rest of the us into their centuries old desert tribal wars.
They can all go to their imaginary hells!
And pretty please, this article is about despicable individuals turning Gambia into a Narco-State... so stop bring up the Middle East and whatever troubles it comes with.
By the way, thanks for reminding us about the old excuse of "the west is our biggest problem/terrorist." Lazy third world people repeated that since independence...
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