Terrorism in International Business

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Terror Victims can Sue Lebanese Canadian Banks in NY: State High Court

I read in Law360.com about a decision that was made by the New York’s State Court of Appeals that the Lebanese Canadian Banks use of an AmEx bank account constituted a “transaction” under New York law. This decision was essential for a lawsuit brought out by several dozen victims of a terrorist rocket fire in Israel. The allegations are that by wiring money to an organization linked to Hezbollah through an AmEx bank account, the Lebanese Canadian Bank helped finance these attacks. Hezbollah is a radical Islamic group listed as a terrorist group here in the US. The first relevancy to week one materials is jurisdictions. Before the individuals can make the allegations it had to defined as to where they took place. With technology available most transactions are digital so I’m sure they reviewed the facts and were able to determine it was a transaction. The next thing we learned about was terrorism which was the basis of the allegations. The individuals alleged that through the bank transfer the Lebanese Canadian Bank was funding terrorist acts that either they suffered directly or through lost loved ones. Acts such as the Anti-terrorism and Effective Death Penalty Act of 1996 are specifically made to help deter these terrorists from their funding sources and aims to prosecute those providing them financial support. I feel that this case is a very important case internationally as terrorism is a huge problem all over the world. We are able to see that the US is committed to its fight against terrorism. This will create a need for many financial institutions to scrutinize their processes and assure that these terrorist groups are not receiving additional funding. Doyle, C. (1996, June 3). Federation of american scientists. Retrieved from http://www.fas.org/irp/crs/96-499.htm
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