Posted on 03/23/2003 11:13:48 AM PST by knighthawk
ZURICH: Swiss bank UBS is ready to transfer Iraqi-held deposits in UBS accounts in the United States to the US authorities, a spokesman for Switzerland's largest bank was quoted as saying on Sunday.
Spokesman Axel Langer said that funds blocked since 1990 would be transferred to the US Treasury in line with a US government request.
The money in the UBS accounts came from transactions between US oil firms and the Iraqi state oil company. Langer declined to say how much cash was involved or whether other accounts in Switzerland and elsewhere were affected as well.
The Swiss foreign ministry said on Friday the United States asked Switzerland to freeze any bank accounts held by Iraqi leader Saddam Hussein and his entourage.
Swiss authorities have not yet replied, but Finance Minister Kaspar Villiger said this month there were no signs that Saddam had accounts in the country.
Neither Swiss officials nor the local US embassy have detailed the US request, but Switzerland has stressed that tough "know-your-customer" rules are in place which make it hard to stash ill-gotten funds in Swiss accounts.
This from the Swiss money laundering capitol of the world?
This USB bank? :
Cuba mystery money gets scrutiny - $3.9 billion
This USB bank?
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