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June 18, 2002
1943 IST

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Al Qaeda funds safe: Report

Most of Al Qaeda's funds have been untouched by the US campaign to choke terrorist funding, as the outfit had transferred its assets from the financial sector to untraceable commodities long before the September 11 strikes, official have said.

The outfit has parked its funds in commodities like gold, diamonds and other precious stones such as tanzanite and sapphires, American and international officials were quoted as saying by the Washington Post on Tuesday.

"It was a paradigm shift in the financial organisation that we missed," said a European financial investigator. "Everyone was trying to find bank accounts in Geneva when Al Qaeda was greatly reducing their exposure in the formal financial sector. Now we are finding tentacles into all kinds of precious stones and metals," he said.

Such commodities are small and easy to store and transport and they hold their value over time. They can also be released in small quantities in the market without arousing attention.

PTI

America's War on Terror: The Complete Coverage
The Attack on US Cities: The Complete Coverage

The Terrorism Weblog: Latest Stories from Around the World

External Link:
For further coverage, please visit www.saja.org/roundupsept11.html

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