Tether bought commercial paper from subsidiary of alleged terrorist-linked bank
The recently revealed list of Tether’s commercial paper holdings has surprised many due to the firm’s significant exposure to Chinese banks. However, what may be more worrying is that Tether has also bought commercial paper from several banks with chequered records. Indeed, one of these banks is apparently a subsidiary of a Qatari bank known to breach AML regulations and service extremist and terrorist groups. Tether bought a total of $49,862,117 worth of commercial paper with an interest rate of 0.2765% from AKCB Falcon Limited, a subsidiary of Masraf Al Rayan. The Islamic bank is headquartered in Qatar and owned by the Qatari state with a branch in the UK. AKCB Falcon Limited was previously a subsidiary of Al Khalij Commercial Bank that merged with Masraf Al Rayan, creating the second-biggest bank in Qatar . Masraf Al Rayan was recently found to be in breach of AML rules by the UK financial regulator, the Financial Conduct Authority (FCA), for accepting up to £23 mill...