The Union of Arab Banks (UAB), a consortium of more than 340 financial institutions, filed an amicus brief in the Linde case, arguing that the sanctions imposed by the Eastern District Court unfairly penalize Arab Bank for adhering to financial privacy laws in the Kingdom of Jordan, Lebanon and the Palestinian Territories. The UAB argues in its brief that the sanctions set “a clear and dangerous precedent” of allowing plaintiffs in the United States to evade foreign law through the discovery process of civil litigation. Further, the UAB believes this could lead to an exodus of customers from the Middle East’s legitimate financial system, thus reducing the success of anti-money laundering and anti-terrorism efforts in the region.
Click here to read the brief.