EU terror assets freeze overturned

BRUSSELS, Sept. 3 (UPI) -- The European Court of Justice has overturned a 2001 ruling by the European Union that froze the assets of alleged al-Qaida financing operations.

Saudi businessman Yassin al-Kadi and Sweden-based charity Al Barakaat International Foundation were blacklisted by the European Union in 2001 after being suspected of financing the al-Qaida terrorist network. The blacklist resulted in the assets of both al-Kadi and Al Barakaat to be frozen.

The European Court of Justice, the European Union's highest court, ruled Wednesday that under European law the ruling that froze the funds failed to offer both al-Kadi and Al Barakaat legal rights to a judicial review.

The decision on whether al-Kadi and Al Barakaat will have their asset unfrozen will have to wait 90 days to give the European Union the opportunity to legally implement new sanctions, according to the Counterterrorism Blog.

Critics argue the European Court of Justice ruling damages efforts to counter terrorist financing operations.