Alleged Connections To Terrorist Financing
Al Taqwa counted two family members of Osama Bin Laden among its shareholders, and was once sued by a third. The family itself countered that this cannot "rationally be imputed to connote any hint of support for Osama."
In 2001, authorities in the Bahamas cancelled Al Taqwa's bank license there due to new laws designed to crack down on money laundering. These laws would require Al Taqwa to maintain a physical presence in that country, which the bank declined. Later that year, 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.
Discovered in Nada's home was a document titled "The Project". Nada claimed to have no knowledge of who wrote it or how it came into his possession. The document describes a plan to establish "the reign of God over the entire world" by developing a framework of religious, educational and charitable organizations in the western world. It also recommends that readers engage in the "study of the centers of power locally and worldwide, and the possibilities of placing them under influence" and "nurtur the sentiment of rancor with regard to Jews." No charges were pressed.
Jordan accused the Al Taqwa bank of providing financial aid to the Jordanian organizations of Khader Abu Ghoshar and Abu Musab al-Zarqawi involved in plotting terrorist attacks on tourists during Jordan's "Millennium Celebration".
During the investigations into the 1998 United States embassy bombings, the Islamic Center of Milan was found to be a nexus for recruits heading for an Al Qaeda training camp in Afghanistan.
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