If an attack upon innocent people is considered terrorism, then all reasonable individuals and groups reject terrorism and whatever motives associated with it as well.
Any investigation, however, should concentrate on what led to the terrorism and associated problems. The current unilateral effort which requests all banks in the world to halt normal banking transactions for certain accounts and to classify any bank which does not as uncooperative is not logical. There is no international banking convention that allows one country to submit such a request or to enforce it unless known criminals or outlawed groups are involved. The banking systems in most countries subject customers or those wishing to have accounts of any sort to scrutiny as to personality, legal status and business activity. Hence, any illegal or suspicious transaction can be detected and the judiciary body can step in. Banking secrecy, however, is a role adopted by all banks and includes appropriate protection for the account holder’s identity without prejudice to legal transaction requirements or national security. Banks thus attempt to avoid any illegal financial transactions whatsoever.
For these reasons, criminals use cash which leaves no traces or evidence.
It is not right for a single country to impose its wishes on others without a court order or verdict or an international convention that allows alteration to banking codes. In fact, a professor at the University of London has commented “Most banks will obey and adhere to such decisions because no bank wants to become isolated or excluded from future international banking transactions.” It is true that the West mixes right and wrong, adopts double standards and alters facts wherever it is in its interest. The end justifies the means is also a kind of terrorism.
At present the world does not need new policies to hinder or restrict business operations or to do anything that would affect economic independence. Moreover, there is no need to encourage useless alliances disadvantageous to the banking systems.
A Swiss banking expert noted, “Banks will usually automatically freeze any account carrying out suspicious transactions. There is thus no need for these new requests and instructions.”
The Kingdom’s stance concerning banking transactions in extraordinary circumstances was outlined by Prince Naif. “As for freezing accounts, the Ministry of Finance is working on this matter. Any account meeting the criteria defining illegal activity will be dealt with accordingly. At the same time, however, we respect banking secrecy and any action that we take will be according to international standards.”
Finally, there is no objection in strengthening or rectifying the international monetary system provided it is done unanimously and not by order of direction of a single superpower. The international monetary system must be respected; otherwise we will see Taleban all around us.
