Al Rayan bank investigated over money-laundering controls
A Qatari-owned British bank that provides financial services to numerous Islamist-linked organisations is under investigation over its money laundering controls.
Restrictions have been placed on the operation of Al Rayan, the UK’s oldest and largest Islamic bank, pending the outcome of the Financial Conduct Authority (FCA) investigation.
The Times revealed this month that several Al Rayan customers previously had their accounts with western banks frozen or closed in a security clampdown. Its British account holders include a charity banned in America as a terrorist entity, a mosque whose long-term trustee was a member of Hamas’s ruling politburo and the funding arm of a satellite channel led by a hate preacher who has said that “all Muslims should be terrorists”.