Wednesday, December 21, 2005

Huge fine imposed on bank :: Emirates Today

Quote:
ABN AMRO bank is in the process of cleaning up its UAE operations after the United States Federal Reserve imposed an $80 million (Dh294m) penalty on the Netherlands-based bank.
The fine is the second largest action of its kind in US banking history after Swiss bank UBS was fined $100m (Dh367m) in 2004.

The order passed against the bank on Monday said its Dubai branch was, between 1997 and 2004,“able to develop and implement ‘special procedures’ for certain fund transfers, check clearing operations, and letter of credit transactions that were designed and used to circumvent the… laws of the US” that were designed to prevent money-laundering by terrorist organisations.

ABN AMRO has not contested these charges and will pay the penalty in the time frame specified, which is 10 days. In a statement, it accepted that employees of its Dubai branch processed wire transfers between 1997 and 2004 on behalf of Iranian and Libyan clients.

1 Comments:

Blogger sheikha cheryl said...

OK, can we now talk about Dubai and money laundering or is this still a subject that we aren't "allowed" to talk about?

5:36 PM  

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