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.
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)
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)