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ING Seeks to Close Bank Account of Najiba Foundation Amid Money Laundering and Compliance Concerns

Money LaunderingING Seeks to Close Bank Account of Najiba Foundation Amid Money Laundering and Compliance Concerns

ING is seeking to close the bank account of the Najiba Foundation, an Islamic charity that raises money for earthquake victims in Morocco. The charity has collected over 900,000 euros in donations but is facing potential closure due to alleged non-compliance with banking regulations designed to prevent money laundering and terrorist financing. ING has set a deadline of October 28, 2023, to terminate the foundation’s bank account.

The situation has led to legal action, with the foundation’s chairman, Mourad Baddaou, hiring lawyers to ensure that the donations reach Morocco as intended. The foundation’s failure to file approved financial statements with the Chamber of Commerce and its association with an accountant who is a suspect in a multi-million-dollar fraud case related to coronavirus funds have raised concerns about its validity.

The foundation claims to have implemented an improvement plan and requested discussions with ING to address the bank’s concerns, but the bank has not responded. If an agreement is not reached soon, legal proceedings may be initiated in the Amsterdam District Court.

The potential closure of the foundation’s account has raised concerns about the fate of the donated funds and their intended recipients in Morocco. ING has not yet provided a public statement on the matter, citing customer privacy.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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