Syria ignores US sanction on its bank
Syria-USA, Politics, 3/11/2006

Syria on Friday brushed aside the US decision to sever links to the state-owned Commercial Bank of Syria (CBS).

The US Treasury Department on Thursday barred American financial institutions from opening or maintaining an account for or on behalf of CBS because the bank "has been used by terrorists" to move funds and has laundered money from the "illicit sale of Iraqi oil."

In a statement to the official SANA news agency, CBS Director General Dureid Dorgham said the US decision "was taken for political reasons to affect Syria" without "logical evidence."

Dorgham pointed out that it has been a "binding decision" to the US banks even before the official announcement.

Meanwhile, he expressed confidence in some other friendly banks which had rejected the US decision to sanction the Syrian bank, noting that these banks would not submit to it.

"Those banks consider the US decision as a political one and is binding to the US banks," he said.

Syria switched state institutions' foreign currency from US dollar to the euro for all transactions a month ago in case Washington imposes more sanctions on it, Dorgham said.

Regarding money laundering, Dorgham said that the bank has formed a specialized committee for this matter and applied all procedures accredited in different countries of the world.

On the Iraqi money, Dorgham said "The bank has performed its work in this regard and we consider that the Iraqi official circles are the only authorized party to discuss such issue for they are careful on their (own) interests."

Previous Stories:
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  US targets Syria to achieve its interests in the region: Sudanese president's advisor   (2/27/2006)
  US wants to boost sanctions against Syria: Rice   (2/18/2006)
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