MySA.com: Business: "Banks urged to watch nonprofits
Web Posted: 10/08/2005 12:00 AM CDT
Dane Schiller
Express-News Mexico City Bureau
MEXICO CITY — Latin American bankers were advised not to be tricked by terrorists who use the cover of nonprofit groups to raise, hide or move money vital to their schemes.
The trouble, the bankers were told Friday during an anti-money laundering conference here, is that foreign or domestic terrorist organizations could aim to exploit the fact that less stringent attention is traditionally paid to the nonprofit groups.
'We could be providing bank accounts to nonprofit organizations that are linked to terrorism,' said Susan Galli, head of money-laundering prevention for Citigroup.
The terrorism concerns come as some banks in this region have come under pressure in recent years to prevent drug cartels from hiding funds in legitimate institutions."
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