On August 10th, the Treasury Department announced the designation of the Commercial Bank of Syria, a Syrian state-owned financial institution, and its Lebanon-based subsidiary, Syrian Lebanese Commercial Bank, and Syriatel, the largest mobile phone operator in Syria. Treasury Department Press Release. The Financial Crimes Enforcement Network ("FinCEN") issued an Advisory reminding U.S. financial institutions that they are prohibited from maintaining corresponding accounts with Commercial Bank of Syria and warning that the Commercial Bank of Syria may attempt to circumvent prohibitions through "nested account" activity. Advisory.
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Treasury Department designates Syrian institutions; FinCEN issues related Advisory
- Winston & Strawn LLP
- Syria, USA
- August 15 2011
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