Italy freezes 'terror' funds

ROME (CNN) -- Italian authorities have frozen the bank accounts of groups and individuals they believe are linked to the al Qaeda terror network.

And the Italian Finance Ministry said on Thursday the names of the accounts held by 11 individuals and 14 organisations had been passed along to a United Nations panel to be placed on an international terrorism blacklist.

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The Italian Government made the move in co-operation with the United States, Bahamas, and Luxembourg.

The 14 entities were owned or controlled by two men, Youssuf Nada, a Tunisian national born in Egypt, and Ahmed Idris Nasreddin, an Ethiopian.

The ministry said the two worked together "for many years" as the directors of the Akida Bank and the Bank Al Taqwa, both based in the Bahamas.

While there is no connection between the account holders and the militant Palestinian group Hamas, about $60 million transited through Bank Al Taqwa for Hamas

Of the 11 individuals, one is still at large.

The other 10 are currently in Italian jails charged with terrorist related offences, such as illegal trafficking of arms, explosives and "aggressive chemicals" and with possession and trafficking of false documents with intent to facilitate illegal immigration.

Three of them have been formally sentenced for terrorist-related charges. Italian investigators believe all 11 have links to al Qaeda.