Syria to step up combating money laundering and terror financing
Syria, Local, 10/12/2005

Governor of the Central Bank of Syria called on Tuesday all concerned parties to implement the legislative decree related to fight money laundering and financing terror in Syria, saying that these two phenomena are posing as a "dangerous plague."

Adib Mayaleh told a meeting of the Board to Combat Money laundering and Financing Terror, to energize legislative decree 33 in this respect, noting that, "It is very necessary to coordinate among all concerned parties to implement decree 33 related to fight money laundry and terror financing."

Mayaleh displayed during the meeting means to enforce the decree and asserted the need to coordinate with related parties to prepare the database of the board in a way that enables it to assume responsibilities in the best way.

"The two phenomena of money laundry and terror financing are constituting a dangerous plight threatening the national and international economy," he said noting that Syria has sought to protect her banking system via decree number 33 that criminalize money laundry perpetrators and defines the action as every behavior that aims at hiding or changing the identity of money that is related to illegal operations to look like being from legal activity.

The Governor of the CBS underlined at the same time the media importance in spreading awareness over the two concepts of money laundry and terror financing as well the necessity to make crimes posing as a source of these illegal money be defined according to the decree.

Among the sources of these money which included in the decree issued in 2005 are: "cultivating or manufacturing and even smuggling and transporting drugs or medicines of mental effects as well illegal trading with them in addition to all acts done by evil groups together with all organized crimes and the crime of smuggling and fire weapons smuggling, its manufacturing or trading with them in illegal way."

The Board to combat money laundering and financing terror is preparing to host a conference on the subject in Damascus next December in cooperation with World Bank and the International Monetary Fund as well the Finance Action Group For the Middle East and North Africa.

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