US authorities are to begin an inquiry into allegations of large-scale money laundering involving Middle East and US financial institutions.
The House of Representatives, the lower house of the US Congress, will hold its first hearing on global money laundering tomorrow under the heading “A review of current and evolving trends in terrorism financing”, according to the House website.
The House Committee on Financial Services will hear evidence from witnesses concerning the movement of US$1 trillion (Dh3.67tn) of funds between Middle East financial institutions and US banks over a six-year period up to early last year."
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