Treasury claims cash laundered in Belarus; Cyprus under suspicion
MINSK, BELARUS - Infobank, a privately owned bank in Belarus, denied U.S. charges it laundered funds for the former Iraqi regime of Saddam Hussein, saying it always followed international agreements "to the letter."
The U.S. Treasury said last week that Infobank "laundered funds for the former Iraqi regime of Saddam Hussein that were derived from schemes to circumvent the United Nations oil-for-food program" and it moved to cut them off from the U.S. banking system.
Infobank said it thought the U.S. Treasury had acted prematurely.
"Infobank has in all of its activities strictly followed the spirit and letter of international agreements relating to the fight . . . against illegal financial transactions," the bank said in a statement.
"We believe that this decision by the American administration was made hastily and we hope that this upsetting incident will be sorted out."
Belarus' Foreign Ministry said it had earlier checked U.S. concerns about Infobank and alleged money laundering, but "the relevant organs had found no violations."
"We offer further cooperation with the American side in investigating any suspicion," a spokesman for the ministry said.
The Treasury also said First Merchant Bank, licensed as an offshore bank in the Turkish Republic of Northern Cyprus, laundered fraudulently obtained funds and accused its owners of having links to organized crime.
Source: Houston Chronicle
