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Congressmen Grill Swiss Bankers Over Ties to Bin Laden, Iran, Cuba April 7, 2006

Posted by tkcollier in Economy & Business, In The News.
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Congressmen Grill Swiss Bankers Over Ties to Bin Laden, Iran, Cuba
It is the latest in a series of inquiries spawned in 2003 when American soldiers liberating Iraq discovered $762 million in American currency stashed in hideouts belonging to Saddam Hussein. The serial numbers on the banknotes were traced to UBS, which distributed the currency as part of the Extended Custodial Inventory Program run by the Federal Reserve Bank of New York.

The Federal Reserve program, in cooperation with international banks, allowed clients to exchange old American banknotes for new ones. One condition of the program was that the international banks were not allowed to accept cash from countries against which America maintains sanctions. They also were not allowed to transfer cash to such countries.

When American investigators probed the $762 million that emerged in Iraq, they found that UBS had also provided $3.9 billion in American currency for Fidel Castro's Cuba, $1 billion for Iran, and $30 million for Libya. 

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