| Date: 22/05/2012 Time: 10:15:00 PM |
The US indentified Tuesday a Berlarus-based
bank as a financial institution of "primary money laundering concern" and that
its procedures put the US financial institutions at "risk".
The Department of Treasury announced the identification of Belarus-based
JSC CredexBank (Credex) as a financial institution of primary money laundering
concern.
The Treasury said it took this action "because it has reason to believe
that Credex has engaged in high volumes of transactions that are indicative of
money laundering on behalf of shell corporations, and has a history of
ownership by shell corporations whose own lack of transparency contributes to
considerable uncertainty surrounding Credex's true beneficial ownership".
Under Secretary for Terrorism and Financial Intelligence David Cohen said
in a statement that "this action seeks to protect the US financial system from
a foreign financial institution whose highly suspicious transaction patterns
and pervasive lack of transparency make it virtually impossible to discern
whether the bank is engaged in any legitimate business".
"Credex's apparent lack of even basic anti-money laundering practices and
procedures puts US financial institutions at risk," he stressed.
The Treasury indicating that "since its founding in September 2001,
Credex's ownership has passed from one shell corporation to another".
Since October 2009, Credex has been owned by Vicpart Holding SA (Vicpart),
based in Fribourg, Switzerland.
It affirmed that "the significant inconsistencies and gaps in publicly
available information about Vicpart raise concerns about the true nature and
purpose of Credex's owner". |