Swiss Bank UBS allegedly laundered $5 billion for Cuba, Iran and Libya
By Olivier Guitta
In a widely ignored story (except by the New York Sun) and potentially one of the biggest scandals of recent memory �except the by now infamous UN Oil for Food- the Swiss financial giant Union des Banques Suisses is pointed out for having allegedly laundered $5 billion for Cuba, Iran and Libya. Interestingly enough, these countries are part of the State Department list of state sponsors of terrorism.
It all really started when in April 2003 American troops found $762 million in US dollars banknotes belonging to Saddam Hussein. They were able to trace these notes to UBS and consequently the Swiss bank was fined $100 million by Swiss and US banking authorities. Additionnally to the $762 million, UBS provided Cuba with $3.9 billion in US notes, $1 billion for Iran and $30 million for Libya.
Congress and especially Rep Ileana Ros-Lehtinen are on the case and knowing her perseverance, will get to the bottom of this new scandal. But �retrieving� the money
or rather freezing Cuban and Iranian�s assets is far from achieved. Indeed with UBS already claiming they have no accounts in the name of Cuban political leaders and an international legislation so opaque and inefficient, odds are no real punishment will be applied, except a slap on the wrist. Big international banks including recently also the French BNP Paribas involved in the Oil for Food scandal are protected by legislation with holes like Swiss cheese�
TrackBack
TrackBack URL for this entry:
http://counterterrorismblog.org/mt/pings.cgi/2034
