Washington, DC - Today, Rep. Anthony Weiner (D - Queens & Brooklyn), a member of the House Subcommittee on Crime, Terrorism, and Homeland Security, joined with Rep. Carolyn Maloney (D-NY), Rep. Joseph Crowley (D-NY), and Rep. Shelley Berkley (D-NV) to announce legislation that would shut down the Manhattan branch of Arab Bank PLC, a Jordanian bank with documented ties to Middle East terrorism.  Arab Bank's New York City office is its lone operation on U.S. soil.

            The legislation would:

·          Revoke Arab Bank's charter and shut down its operation in New York City and the United States.

·          Seize assets from Arab Bank's New York Branch and hold them for terror victims who have filed suit again the bank.  At present, there are three federal lawsuits pending against Arab Bank which have been filed by terror victims. 

·          Require the Treasury Department to issue a public report on its investigation into Arab Bank's ties to terrorist activity.

In February, the Treasury Department's Office of the Comptroller (OCC) ordered Arab Bank to close most - but not all - of its operations in the United States.  There is a plethora of evidence tying Arab Bank to Middle East terrorism:

·          An investigation by the OCC found hundreds of Arab Bank customers on lists of suspected terrorists. 

·          A Wall Street Journal report found that the "New York Branch of Arab Bank was involved in the transfer of $20 million or more to more than 45 suspected terrorist groups and terrorists."  [Wall Street Journal, 4/20/05]

·          An investigation by the New York Post found that "martyr kits" given to Palestinian terrorists and their families contain instructions on how to obtain funds - siphoned through Arab Bank - as compensation for their terrorist activities.  The Post reports that "much of the kit's paperwork carries the corporate logo of the Arab Bank" and the paperwork in the kits, "explains the manner of death, making it clear that the bank knew exactly whom it was giving money to and why." This amidst numerous press reports that advertisements in Palestinian newspapers have instructed the families of homicide bombers to collect money from Arab Bank. [New York Post, July 5, 2005]

·          NBC News reported in May that, according to U.S. officials, "regulators found that the bank had 40 to 60 suspected terrorists and groups as customers. They were allegedly associated with al-Qaeda, Hamas and Hezbollah. Officials say all had accounts with the bank or had moved money through the New York office."  [NBC News, May 5, 2005]

·          The Washington Times has reported that "various jihadist Web sites openly raising funds informed prospective donors to direct contributions to numbered accounts at Arab Bank." [Washington Times, May 20, 2005]

"We know the Arab Bank has ties to terrorists,” said Rep. Weiner.  “They have no business being in business in the United States, and certainly not in New York City.”

“The Administration has dragged its feet in the face of compelling evidence that Arab American Bank is supporting terrorism. We cannot allow this to continue,” said Rep. Maloney.

"The financing of terrorism is like water, stemming the flow in one place will only make the money flow somewhere else. The flow of money into the Arab Bank raises tough questions of this so-called bank and their role in funding terrorist organizations. Hiding behind a mission to improve financial stability in the Arab world does not mean allowing terrorist groups access to capital or financial services.   As a member of the Financial Services Committee, I have heard from the Office of the Comptroller of the Currency and share with them the serious concerns about the connections between the Arab Bank PLC and Middle East terrorism.  By allowing a terrorist breeding ground to continue to function in our backyard, we are opening up New York City and the entire country to the  extreme fundamentalism of these terror organizations.  We must move forward immediately with revoking the charter of the Arab Bank and shutting down all operations in the United States" stated Rep. Crowley.

"The Arab bank operates as an ATM for some of the most notorious terrorists in the world and it’s long past time we shut it down. Blood payments to suicide bombers are drawn on Arab Bank accounts and it is an insult to victims that this practice is allowed to continue. The assets deposited by terror groups in the Arab Bank should be seized and used to compensate those who have been victimized by their horrific acts of violence. And a full report should be made to the American people about the terrorist financial ties between the Arab Bank and murderers like al Qaeda, Hamas, and Hezbollah," said Rep. Shelley Berkley (D-NV), who serves as a member of the House Committee on International Relations.