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Context of 'January 24-February 6, 2007: Egypt to Prosecute Leaders of Al Taqwa Bank and Muslim Brotherhood'

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November 7, 2001: Al Taqwa Bank Shut Down

Italian police raid Youssef Nada’s villa in Lugano, Italy.Italian police raid Youssef Nada’s villa in Lugano, Italy. [Source: Keystone]The US and other countries announce the closure of the Al Taqwa Bank and the Al Barakaat financial network. President Bush says, “Al Taqwa and Al Barakaat raise funds for al-Qaeda. They manage, invest and distribute those funds.” US officials claim that both entities skimmed a part of the fees charged on each financial transaction it conducted and paid it to al-Qaeda. This would provide al-Qaeda with tens of millions of dollars annually. Additionally, Al Taqwa would provide investment advice and transfer cash for al-Qaeda. Al Taqwa is based in Switzerland while Al Barakaat is based in Dubai, United Arab Emirates. Over 100 nations are said to be cooperating with efforts to block the funds of these two groups. [New York Times, 11/8/2001] Swiss authorities raid Al Taqwa-related businesses and the homes of bank leaders Youssef Nada, Ali Himmat, and Ahmad Huber, but no arrests are made. In January 2002, Nada will announce that the Al Taqwa Bank is shutting down, due to bad publicity after the raids. He will maintain that he and his organization are completely innocent. [Newsweek, 11/7/2001; Reuters, 1/10/2002] Days after 9/11, Huber called the 9/11 attacks “counterterror against American-Israeli terror,” the World Trade Center a “the Twin Towers of the godless,” and the Pentagon “a symbol of Satan,” yet he will claim to have no ties to the attackers. [Playboy, 2/1/2002; Newsweek, 3/18/2002] In searching Nada’s house, Swiss authorities discover a document entitled “The Project,” which is a strategic plan for the Muslim Brotherhood to infiltrate and defeat Western countries (see December 1982). By late 2002, both the US and UN will declare Al Taqwa Bank, Nada, and Ahmed Idris Nasreddin, another founder and director of the bank, supporters of terrorism. All of their accounts will be declared frozen worldwide. [US Department of the Treasury, 8/29/2002] However, while Al Taqwa itself will be shut down, later reports will indicate that other financial entities operated by the directors will continue to operate freely (see June-October 2005).

Entity Tags: Al-Qaeda, US Department of the Treasury, Muslim Brotherhood, Ali Himmat, Al Taqwa Bank, George W. Bush, Youssef Nada, Ahmad Huber, Al Barakaat

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Yaqub Mirza.Yaqub Mirza. [Source: Publicity photo, via Byrd Business Review]Soliman Biheiri, the former head of BMI Inc., a New Jersey-based investment firm with ties to many suspected terrorism financiers (see 1986-October 1999), had left the US immediately after a raid of the SAAR network in March 2002 (see March 20, 2002). On this day, he returns to the US and is immediately arrested and interviewed by Customs agent David Kane. Biheiri tells Kane that he has longstanding ties to leaders of the Muslim Brotherhood, a radical Muslim group banned in Egypt. Agents are able to search his laptop computer, and discover ties with Hamas leader Mousa Abu Marzouk. He is also connected to two principals of the banned Al Taqwa Bank (see November 7, 2001), Youssef Nada and Ghaleb Himmat, when their addresses are discovered on his computer as well. Agents say there are “other indications” of connections between Al Taqwa and Biheiri’s company BMI, including financial transactions. [Forward, 10/17/2003; Wall Street Journal, 6/21/2004; Associated Press, 10/12/2004] An e-mail is also discovered showing Biheiri was involved in Saudi multimillionaire Yassin al-Qadi’s financial dealings with Yaqub Mirza, the director of the raided SAAR network. The US froze al-Qadi’s assets in late 2001 (see October 12, 2001). [Wall Street Journal, 9/15/2003] Biheiri will be convicted of immigration fraud in October 2003. He will be convicted again in 2004 for lying to Kane about his ties to Marzouk during his interview. [Wall Street Journal, 6/21/2004; Associated Press, 10/12/2004]

Entity Tags: Soliman Biheiri, Muslim Brotherhood, Yassin al-Qadi, David Kane, Youssef Nada, Ghaleb Himmat, Al Taqwa Bank, BMI Inc., Mousa Abu Marzouk

Timeline Tags: Complete 911 Timeline

Youssef Nada’s office in Lugano, Italy.Youssef Nada’s office in Lugano, Italy. [Source: Keystone]It is announced that Swiss prosecutors have suspended a three-year investigation into Al Taqwa Bank. The US and UN formally designated Al Taqwa and its founder Youssef Nada as terrorist financiers in November 2001 (see November 7, 2001). The suspension of the Swiss probe has no effect on those designations. Nada is self-acknowledged leader of the militant Muslim Brotherhood movement, but claims no ties to terrorism. [Newsweek, 6/22/2005] Swiss investigators say that the Bahamas government failed to share information about the important Al Taqwa branch based in that country. They claim that was the decisive factor in not bringing a case. Additionally, Al Taqwa’s Swiss financial records were all shipped to Saudi Arabia, and the Saudi government has not been cooperative in getting them back. [Swissinfo, 6/2/2005]

Entity Tags: Al Taqwa Bank, Saudi Arabia, Bahamas, Switzerland

Timeline Tags: Complete 911 Timeline

Youssef Nada in 2007.Youssef Nada in 2007. [Source: PBS]Egypt freezes the assets of dozens of top Muslim Brotherhood figures and then announces that 40 of them will stand trial in Egypt’s military court. The Associated Press notes this court is “known for its swift trials and no right of appeal.” Figures targeted include most of the top leaders of the Al Taqwa Bank in Switzerland, the Muslim Brotherhood bank banned by the US for its alleged ties to al-Qaeda. About five of those to be tried in absentia are tied to the bank, including bank directors Youssef Nada and Ghaleb Himmat. [Agence France-Presse, 1/24/2007; Associated Press, 2/6/2007; Ikhwanweb, 2/8/2007] The Muslim Brotherhood has been officially banned in Egypt for decades but it has generally been tolerated by the government. Muslim Brotherhood members became the largest opposition bloc in the Egyptian parliament after winning 88 of the 454 seats in the 2005 legislative elections by running as independents. [Associated Press, 2/6/2007]

Entity Tags: Ghaleb Himmat, Egypt, Al Taqwa Bank, Muslim Brotherhood, Youssef Nada

Timeline Tags: Complete 911 Timeline

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