Syria fears money-laundering practices
The Syrian Ministry of Economy and Foreign Commerce reported that money laundering does not exist in Syria, since all the available financial channels in the country to date have been state-owned and effectively controlled by the authorities.
According to Al-Sharq Al-Awsat newspaper, the ministry added that Syria had previously prevented the establishment of private and joint private-state owned banks in order to prevent money-laundering operations within its territories. The same source added that if any money-laundering operations exist, they are being executed exclusively through foreign financial channels.
The Syrian government has recently decided to permit the establishment of both private and joint banks, and is presently preparing laws to regulate their performance. The authorities are extremely concerned about the issue of money laundering, since private and joint banks are usually those involved in such operations. –(MENA Report)
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