Banks Come Forward to Claim Responsibility for Sponsoring Instances of Roadside Bomb Attacks

During the Iraq and Afghanistan wars, there were many cases in which U.S. military service people were severely injured or killed in a roadside bomb attack.

The roadside bomb attack typically involves one of three weapons—the Improvised Explosive Device (IED), the Explosively Formed Penetrator (EFP), and the Improvised Rocket Assisted Munitions (IRAM).

These three types of weapons were allegedly mass manufactured in factories in the nearby country of Iran and funneled into the two war zones in illegal support of terrorist groups that were enemies of the U.S. and other allied forces.

The munition manufacturing that led to several instances of the roadside bomb attack in the years between 2003 and 2011 were financed by several large banks with an international presence, in violation of U.S. law.

The banks that have come forward to claim responsibility for monetarily sponsoring multiple instances of the roadside bomb attack include:

Barclays PLC

BNP Paribas SA

Commerzbank AG

Crédit Suisse AG and Crédit Suisse Asset Management Limited

HSBC Holding Group PLC

Standard Chartered Bank PLC

The Different Types of Munitions Used in the Roadside Bomb Attack

Most often used in guerilla warfare, the IED is responsible for more than half (60 percent) of death on impact and injuries leading to death among military personnel during both wars. A roadside bomb attack using this device is initiated by the use of a detonator, and the bomb itself is typically constructed of military supplies which would be considered normal if not for the method in which they are being used—artillery shells to name just one type of supply.

The EFP munition is frequently hidden off the road by several yards, making them far more easy to hide by terrorist forces. They are additionally often disguised as day-to-day trash leading to further ability to catch soldiers off-guard. Once set off, a roadside bomb attack of this nature is almost always deadly due to the fact that the EFP maintains its integrity over a travel distance of up to 100 yards and that it can penetrate heavy armor such as a tank or truck.

IRAMs are propelled through the air by the use of attached rockets. During wars, they are often launched from the back of moving cargo vehicles using a remote control. Propane tanks are often used for this type of munitions construction. The tanks are filled with explosives rather than propane.

Sanctions and Illegal Funding

The U.S. put sanctions in place that affected the country of Iran, lest it either engage in terrorism or support terrorist activity during these two engagements. The sanctions were designed to restrict the availability of money to create supportive munitions and otherwise reward terrorists.

Nevertheless, according to a 2006 article that ran in Britain’s newspaper The Telegraph, Iran found a way to construct massive factories and create IEDs, EFPs, and IRAMs in large quantities through the illegal financial support of these larger banks.

More recently, former chairman of the Joint Chiefs of Staff—Admiral Mike Mullen—confirmed intelligence reports that Shiite terrorism was backed by funds from these multinational financial entities.

For those soldiers that have suffered injuries or families that have lost loved ones, this confirmation is of little comfort. Nevertheless, compensation is due if you are an injured veteran or spouse of an injured veteran from these conflicts.