Many leading law
firms in the West (such as Norton Rose, Freshfields, Clyde and Co.
and Clifford Chance) have "Islamic Finance" teams which are familiar
with Islam-compatible commercial contracts.
II. HAWALA AND TERRORISM
Recent anti-terrorist legislation in the US and the UK allows
government agencies to regularly supervise and inspect businesses
that are suspected of being a front for the ''Hawala'' banking
system, makes it a crime to smuggle more than $10,000 in cash across
USA borders, and empowers the Treasury secretary (and its Financial
Crimes Enforcement Network - FinCEN) to tighten record-keeping and
reporting rules for banks and financial institutions based in the
USA. A new inter-agency Foreign Terrorist Asset Tracking Center
(FTAT) was set up. A 1993 moribund proposed law requiring US-based
Halawadar to register and to report suspicious transactions may be
revived. These relatively radical measures reflect the belief that
the al-Qaida network of Osama bin Laden uses the Hawala system to
raise and move funds across national borders. A Hawaladar in
Pakistan (Dihab Shill) was identified as the financier in the
attacks on the American embassies in Kenya and Tanzania in 1998.
But the USA is not the only country to face terrorism financed by
Hawala networks.
A few months ago, the Delhi police, the Indian government's
Enforcement Directorate (ED), and the Military Intelligence (MI)
arrested six Jammu Kashmir Islamic Front (JKIF) terrorists.
Pages:
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57