Terror groups may no longer be able to do transactions in US dollars after a groundbreaking ruling by the highest state court in New York, the New York Court of Appeals, announced Shurat Hadin, the Israel Law Center, on Wednesday.
The ruling was issued on Tuesday in favor of victims of Hezbollah rocket attacks from the 2006 Lebanon War and could be a “game changer” in the global financial war on terror financing.
Until now, terror financing could avoid scrutiny in the US by making fund transfers through American correspondent banks.
A correspondent bank essentially serves as a middle bank for fund transfer for banks that do not have local US branches.
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