Syrian Commercial Bank of American banks boycott of correspondence
Syria-USA, Business, 5/20/2004

The Commercial Bank of Syria ( CBS) on Wednesday denied as totally baseless and unfounded the accusations on which the American decision of 11 May was based to prohibit American banks from making any correspondence for the CBS.

The CBS said in a statement that this American act is unjust and unwarranted because all the transactions run by the CBS are done according to real trade transactions. "The CBS bans the transfer of any foreign amounts of money without documents that prove trade or economic justifications for the transfer," it said.

The Bank added that as for the banknote, the CBS is totally keen to check the flow of money and assets in a way that ensures there is no money laundering or smuggling of the hard currency outside Syria. In addition to that the CBS requires a custom statement duly ratified to show the origin of any amount that exceeds USD 5000,00.

The CBS added that dealing in banknotes is very weak in our banking system. As an additional precaution, it differentiates between an account fed by banknote and another account fed by foreign money transfers, and does not allow any interference between them. The CBS also doesn't permit that duly deposited banknote to be transferred abroad.

The Bank stressed that it is totally committed to the Syrian law which completely bans money laundering and considers it as a crime.

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