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--- Begin Message ---
-Caveat Lector-
ADL Calls For Ban On Internet Transfers Of Gold
Say It "Could" Be Used To Finance "Terrorism"
1/22/03 8:12:52 PM
ADL Press Release
Washington, DC -- http://adl.org/PresRele/Internet_75/4222_75.asp
ADL Alerts Federal Government Terrorists May Use "E-Gold" to Transfer
Funds
on Internet
New York, NY, January 21, 2003 � As the government moves to freeze the
finances of terror groups and their supporters, the Anti-Defamation League
(ADL) today alerted the U.S. Customs Service that terrorists may seek to
conceal financial transactions using a unique form of online currency.
The potential abuse by terrorists of e-gold, an Internet currency that
enables deposits and transfers of precious metals using online trading
accounts, "merits serious attention" by those government agencies who
track
sources of terrorist financing, said Abraham H. Foxman, ADL National
Director.
"While we know of no links between e-gold and terrorism at the present
time,
e-gold merits serious attention given the record of Internet use by
terrorists
and the abuse of similar devices by domestic extremists," said Mr. Foxman.
In a letter to U.S. Customs Commissioner Robert C. Bonner, ADL said that
terrorists may find e-gold appealing because it enables large amounts of
currency to be exchanged electronically without leaving a record of the
transaction. Because of its anonymity, economists and Secret Service
officials
have recently expressed concern about the potential for money laundering
using
e-gold channels.
About half of the e-gold system's physical reserves are located in Dubai,
United Arab Emirates, apparently for financial reasons, but also to help
in the
marketing of e-dinar, which was launched in September 2000. E-dinar is
affiliated with the Islamic Mint, a private organization dedicated to
reviving
gold and silver currencies described in the Quran.
The Anti-Defamation League, founded in 1913, is the world's leading
organization fighting anti-Semitism through programs and services that
counteract hatred, prejudice and bigotry.
http://adl.org/internet/e_gold.asp
E-Gold Fact Sheet
E-gold has been described as "the world's first 100 percent precious
metal-
backed Internet currency." To open an account, an individual "deposits"
money
with an online e-gold service that then converts the amount into gold
bullion.
Via the Internet, the account holder can transfer ownership of some or all
of
that gold into someone else's e-gold account. Ownership can be repeatedly
transferred.
E-gold is a sort of online version of "warehouse banks," which similarly
converted account holders' deposits into gold or silver bullion stored in
the
bank. These institutions became popular in the 1980s among domestic
right-wing
extremists, who used them to launder money, hide assets and to commit
other
financial abuses.
While the records of e-gold companies may be obtainable by court order,
and
all transactions involving $10,000 or more in cash must reported, some
economists and Secret Service officials have expressed concern about the
potential for money laundering using e-gold channels.
E-gold has been widely used by perpetrators of pyramid scams. Swindlers
demand payment in e-gold because, unlike with checks or credits cards, the
charges clear instantly and cannot be cancelled. Experts estimate that
about
half of e-gold transactions are related to scams or online games.
The most popular e-gold service is operated by Gold & Silver Reserve, a
Florida-based company. It claims more than 200,000 accounts and more than
$14
million in currency. A January 2002 account reported that its clients made
8,600 transactions daily. Other smaller systems include GoldMoney,
Internet
Dollar and Web Money. There is no indication that any of these companies
engage
in illicit behavior. (Gold & Silver Reserve has been commended for its
cooperation in investigations of its account holders.)
About half of the e-gold system's physical reserves are located in Dubai,
apparently for financial reasons, but also to help in the marketing of
e-dinar,
which was launched in September 2000. E-dinar is affiliated with the
Islamic
Mint, a private organization dedicated to reviving the gold and silver
currencies described in the Quran. Officers of the Islamic Mint (who hail
from
England, Spain, Switzerland, Malaysia and Germany), are members of the
Murabitun movement - a tiny, Western offshoot of Islam's Sufi movement,
founded
by a Scottish convert in the 1960s. The sect is staunchly anti-Al Qaeda
and
anti-Taliban but seeks to enlist Muslims worldwide in an effort to
overturn
world finance in favor of a "Quranic" gold and silver system.
Libertarian Socialist News
Post Office Box 12244
Silver Spring, MD 20908
http://www.overthrow.com
(check out our messageboards -- discuss this story on-line!)
<A HREF="http://www.ctrl.org/";>www.ctrl.org</A>
DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance�not soap-boxing�please! These are
sordid matters and 'conspiracy theory'�with its many half-truths, mis-
directions and outright frauds�is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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