French Start Preliminary Money Laundering Investigation into Arafat?s Funds

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Thursday, April 1, 2004
Author: 
Bruce Zagaris
Volume: 
20
Issue: 
4
124
Abstract: 
On February 11, 2004, the French media revealed that French prosecutors are investigating bank transfers of $11.4 million to accounts controlled by Suha al-Taweel Arafat, the wife of Palestinian leader Yasser Arafat. The investigation started in October 2003 when the Bank of France notified the Paris prosecutor?s office that Mrs. Arafat?s accounts at two banks in France had received relatively regular transfers of approximately $1.27 million each from Switzerland between July 2002 and September 2003. In addition, the same media report by the French weekly Le Canard Encha?n?, reported that approximately $2.5 million had been diverted to an account of an interior decorating firm, Alberto Pinto. However, French officials said no evidence existed that the funds came from illicit sources. The funds involve funds transferred to Mrs. Arafat?s accounts at the Arab Bank and the French bank Banque Nationale de Paris... [more]