U.S. Treasury Issues Rule against Commercial Bank of Syria

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Monday, May 1, 2006
Author: 
Bruce Zagaris
Volume: 
22
Issue: 
5
173
Abstract: 
On March 9, 2006, the U.S. Department of the Treasury issued a proposed rule against the Commercial Bank of Syria (CBS), along with its subsidiary, the Syrian Lebanese Commercial Bank (SLCB), requiring U.S. Financial institutions to terminate all correspondent accounts involving CBS. In May 2004, the Treasury found CBS to be of "primary money laundering concern" pursuant to Section 311 of the USA PATRIOT Act, and FinCEN issued a notice of proposed rulemaking… [more]