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Looking Back and Forward at Money Laundering and Terrorist Financing...Continued

By Dennis Lormel

Yesterday I posted select observations about money laundering and terrorist financing looking back at 2007 and forward to 2008. I inadvertently omitted an emerging banking business that warrants discussion.

During 2007, Islamic Banking continued a growth trend. Major western banks, as well as international banking capitals are entering the Islamic Banking business. Islamic Banking is growing from a niche market into a global industry. This pattern will continue in 2008 and beyond. Rising Middle East oil wealth has been a catalyst for industry growth. Islamic Banking is based on Shariah Law. It will be important to assess this emerging market in terms of the risk for money laundering and terrorist exploitation.

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