* Al Taqwa Bank was a financial institution incorporated in 1988. It was based out of the Bahamas, Switzerland and Lichtenstein and run offices in Kuwait, UAE, Malta and Lugano, Italy.
Another co-founder was Francois Genoud, one of the key managers of Nazi assets after the Second World War, who later attained notoriety as the publisher of Goebbels ‘ diaries.
Al Taqwa Bank was targeted early on by the United States because of its alleged links to terrorism. The USA also targeted it because its allegedly terror-related funds indirectly filter through the banking system of the United States, through its use of correspondents accounts. Al Taqwa Bank holds such accounts with the Swiss Banca del Gottardo, which in turn holds correspondent accounts with Citibank and Bank of New York.
In 2001, authorities in the Bahamas cancelled Al Taqwa’s bank license there due to new laws designed to crack down on money laundering. Later that year, after The 9/11, Al Taqwa offices in Switzerland and Liechtenstein, along with the homes of Youssef Nada, Ahmed Huber, and one other Taqwa director, were raided by law enforcement agencies after being put on the Bush administration’s “terrorist financiers” watch list.
Italian intelligence also finds links between Al Taqwa and the Milan Mosque. The Italian Intelligence told a Swiss prosecutor that Al Taqwa Bank “comprises the most important financial structure of the Muslim Brotherhood and Islamic terrorist organizations.”
Under international restrictions and economic pressure of USA Al Taqwa bank was closed in early 2002.
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