Iran tops world league for money laundering and terror finance

Updated 14 September 2017
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Iran tops world league for money laundering and terror finance

RIYADH: Iran has topped the world league table for money laundering and terror financing for the third consecutive year.
It was followed by Afghanistan, Guinea-Bissau, Tajikistan and Laos in the annual rankings compiled by the Basel Institute on Governance, an independent anti-corruption group based in Switzerland. The three lowest ranked countries were Finland, Lithuania and Estonia.
In the list of 146 countries, Saudi Arabia ranked 93rd, which gives the Kingdom’s banking system a superior rating to that of Turkey in 43rd, Pakistan in 46th, China in 51st, Russia in 64th and India in 88th, and only marginally behind Japan in 98th.
“The Kingdom has a clean record as far as money laundering is concerned,” said Syed Ahmed Ziauddin, chief of the financial institutions and public sector at Bank Aljazira. “All financial institutions, including banks, have a high compliance rating within the framework of international regulations and guidelines issued by the Saudi Arabian Monetary Authority. The banks in the Kingdom have world-class technical platforms on a par with advanced countries.”
Marwan Jafri, another local banker, said: “Saudi banks are fully committed to fighting money laundering and combating terrorism financing by adopting and maintaining appropriate policies, systems and controls. But there are ample proofs in the public domain about the involvement of Iran in money laundering and terror financing.”
This is the sixth year in which the institute has compiled its rankings. Its report says the greatest improvements in the past year have been made by Sudan, Taiwan, and Bangladesh. In South Asia, Afghanistan is the highest-risk country followed by Nepal, Sri Lanka and Pakistan.
 


Kushner: Trump wants fair deal for Palestinians

Updated 25 June 2019
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Kushner: Trump wants fair deal for Palestinians

  • Fighting new economic plan ‘a strategic mistake,’ White House adviser says
  • Says plan would double Palestinian GDP in 10 years, create over a million jobs

MANAMA, Bahrain: Donald Trump wants a fair deal for Palestinians, the US president’s adviser and son-in-law Jared Kushner said on the eve of the launch in Bahrain of the White House’s $50 billion “peace for prosperity” plan.

The Palestinians are missing an opportunity to participate in the Middle East peace process by boycotting the Bahrain conference, Kushner said. “This is a strong package that has been put together. Fighting it instead of embracing it, I think, is a strategic mistake.”

The plan proposes a global investment fund for Palestine and neighboring Arab states, and a $5 billion transport corridor between the West Bank and Gaza. Palestinian leaders have rejected it, but Kushner said their criticism was “more emotional than specific.”

“Nobody has refuted our core premise that this would do a lot to stimulate the economy,” he said. “The Palestinian people have been trapped in a situation for a long time and we wanted to show them, and their leadership, that there is a pathway forward that could be quite exciting.”

The Palestinian people have been trapped in a situation for a long time and we wanted to show them, and their leadership, that there is a pathway forward that could be quite exciting.

Jared Kushner, US president’s adviser

Kushner said Trump decisions such as recognizing Jerusalem as Israel’s capital and moving the US Embassy there from Tel Aviv were evidence that the president kept his promises.

“The Palestinians might not have liked his Jerusalem decision, but he made a promise and he did it,” he said. What the president wanted now was “to give the Palestinian people a fair solution.”

Kushner said the plan would double the GDP in 10 years, create over a million jobs, reduce poverty by 50 percent and bring unemployment to below 10 percent.

“We believe this doable,” he said. “It’s hard, but if there’s a peace agreement and we set up the right structure, we think it could really lead to improving people’s lives in a substantial way.

“I think there is a lot of enthusiasm in the West Bank and Gaza to see if we can find a political solution so that this can be implemented.”

The political element of the White House plan has been delayed by uncertainty in Israel, where there will be elections this year after an earlier vote failed to produce a stable coalition, and Prime Minister Benjamin Netanyahu may also face a criminal trial for corruption.