Understanding Bank Sponsored Terrorism and Violations of the U.S. Anti-Terrorism Act
The Anti-Terrorism Act was passed by the United States Government in 1992. The act allows U.S. nationals to sue for injuries which were received by an act of international terrorism. Under 18 U.S. Code §2333, any national of the United States or his or her survivors, is allowed to sue for injuries received by reason of an act of international terrorism. The U.S. Anti-Terrorism Act also allows plaintiffs to hold accountable organizations in conspiracies which supported the international terrorism, suing them in U.S. Federal courts for monetary damages. It is also a crime under the U.S. Anti-Terrorism Act to knowingly provide material support or resources to designated foreign terrorist organizations.
For many years the U.S. government suspected Iran was funding the insurgency in Iraq; later clear evidence was found that international banks funneled money into Iran, who, in turn used the money to fund terror groups operating in Iraq. These banks knowingly evaded sanctions set forth by the United States Government on Iran, laundering money to cover their tracks. It is estimated that billions were spent on these terrorism operations.
Literally tens of thousands of U.S. veterans, service members, contractors and their families have been harmed by Iranian terrorism, which would not have been possible without the necessary funds to arm and train terrorists. Terrorists who were sponsored by Iran—and by extension, the banks Iran did business with—were responsible for the majority of the United States casualties in Iraq. These banks entered into a criminal conspiracy to provide Iran with illegal financing and access to the U.S. and international banking systems. In fact, the banks admitted to criminal violations of money laundering and providing billions to Iran, knowing full well Iran was a state sponsor of terrorism. Some of the terrorist groups which Iran worked with include Hezbollah, Shia Terrorist Organizations, Sunni Terrorist Organizations and others. Anyone who is a veteran of the Iraq or Afghanistan wars, or contractors who were working in those areas who were injured or killed by bank-sponsored and state-sponsored terrorism, and their families may be eligible to file a bank-sponsored terrorism lawsuit.
Which Banks are Involved in Bank-Sponsored Terrorism?
The banks which have admitted to having entered into criminal conspiracies with Iran, illegally transferring billions of dollars to Iran as well as persons and/or entities sanctioned by the U.S. government include:
- HSBC Holding Group Plc.
- Crédit Suisse AG and Crédit Suisse Asset Management Limited
- Commerzbank A.G.
- Standard Chartered Bank Plc.
- Barclays Plc.
- BNP Paribas S.A.
HSBC Group with headquarters in McLean, Virginia, forfeited $1.256 billion, entering into a deferred prosecution agreement with the Justice Department for violations of the Bank Secrecy Act, the International Emergency Economic Powers Act, and the Trading with the Enemy Act. Richard Weber, Chief of the IRS Criminal investigations claims banks are the first layer of defense against money launderers and other criminal enterprises who use banks to further their criminal activities.
Credit Suisse agreed to forfeit $536 million in connection with violations of the International Emergency Economic Powers Act and New York State Law. Commerzbank AG admitted to sanctions and bank secrecy violations, agreeing to forfeit $563 million and pay $79 million in fines. When combined with payments made to regulators, Commerzbank paid $1.45 billion.
Standard Charted Bank agreed to pay $340 million to New York’s bank regulator over transactions linked to Iran, and Barclays Bank PLC agreed to forfeit $298 million in connection with violations of the International Emergency Economic Powers Act and Trading with the Enemy Act. Finally, BNP Paribas agreed to pay a whopping $8.9 billion for illegally processing financial transactions for countries subject to U.S. Economic sanctions. These British, French, German and Swiss banks knowingly violated U.S. economic sanctions, enabling Iran to access the U.S. and international financial systems and transfer funds.
What Types of Injuries are Involved in IED Explosion Injury Lawsuits?
The most common types of injuries sustained in IED explosion injury lawsuits include the following:
- Physical Injury (broken bones, loss of limb)
- Traumatic Brain Injury (TBI)
- Traumatic Amputation
- Blast Injuries
- Spinal Cord Injury
- Vision Loss
- Post-Traumatic Stress Disorder (PTSD)
These are all very serious injuries, which can alter a person’s life forever. The majority of the injuries suffered from an explosion can keep the injured person from ever returning to the work they once did, or even being able to live their day-to-day lives without assistance. The injuries may require years and years of surgical procedures and rehabilitative therapy—which can cause the medical bills to mount alarmingly. A death due to explosion injuries can leave family members and spouses without the loved one who would have been there throughout their life, providing love, guidance and financial assistance.
Is There an Iraq War Compensation Fund for Victims?
The United States Victims of State Sponsored Terrorism Act (USVSST) is intended to provide compensation to anyone injured, or the survivors of those killed, by acts of state-sponsored terrorism. Participation is available to United States persons who hold a final judgment issued by a U.S. district court that awards compensatory damages arising from acts of international terrorism. In addition, U.S. persons who were taken and held hostage from the U.S. Embassy in Tehran, Iran between November 4, 1979 and January 20, 198 (as well as spouses and children of these hostages) may also be eligible to participate in the USVSST Fund. Lastly, the personal representatives of any deceased individual who qualified under the aforementioned categories may also receive compensation under the USVSST Fund.
Iraq War Explosion Injury Lawsuits
If you, or a loved one suffered harm by the banks listed above, who were essentially Iranian co-conspirators, you may want to speak to an experienced Anti-Terrorism Act lawyer. These banks knowingly and willfully violated the Anti-Terrorism Act of the United States, and those harmed by the actions of the banks could possibly benefit from speaking to a United States ATA attorney. A U.S. Anti-Terrorism Act attorney can assist with Iraq war veterans’ lawsuits.
Explosion injury lawsuits, explosion-related traumatic brain injury lawsuits and explosion-related spinal cord injury lawsuits can benefit from an experienced U.S. Anti-Terrorism Act lawyer’s help. If you are recovering from injures due to IEDs, EFPs, RPGs or IRAMs, or if you have a family member who was killed as a result of state-sponsored terrorism, you may be entitled to compensation under the U.S. Anti-Terrorism Act.
Those who were responsible for these traumatic injuries and deaths should be held accountable; if the banks had not provided funding, the attacks on U.S. soldiers and contractors might never have occurred. Those who are entitled to seek reparation for injuries and death related to violations of the United States Anti-Terrorism Act should contact a knowledgeable U.S. Anti-Terrorism Act Attorney.