Wednesday, February 15, 2012

Belarus

Belarus Bank Denies Money Laundering Charges

26 August 2004 -- Infobank, a privately owned bank in Belarus, yesterday denied U.S. charges that it had laundered funds for former Iraqi President Saddam Hussein.

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August 26, 2004

The bank said it has always strictly followed international agreements.

The statement by Infobank came one day after the U.S. Treasury Department designated the bank -- as well as a Turkish-Cypriot bank -- as primary money-laundering concerns.

The designation means the two banks cannot maintain any correspondent accounts in the United States, a key tool for conducting business there.

Belarus's Foreign Ministry said it had earlier checked U.S. concerns about Infobank and alleged money laundering, but found no violations.

A ministry spokesman today offered to cooperate in investigating the allegation.

(Reuters/AFP)

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