This step also means that the bank no longer will appear on the European Union’s list over organizations with terrorist activity. The UN did not explain why al-Barakaat is now being deleted from the terror list.
Earlier the European Court of Justice had found that the registration of the bank due to alleged terrorist links was illicit. The bank’s assets had been frozen during the blacklisting.
Al-Barakaat conducts so-called Hawala-transactions – meaning that money is being transferred to regions lacking a functioning banking system.