Bank of China dismisses reports it provides services to terror groups

Thursday, 28 August 2008, 03:34 Hrs
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Beijing:The Bank of China (BOC) Wednesday dismissed overseas media reports that it had provided services for terrorist organisations as "sheer nonsense".

The Associated Press reported Aug 22 that more than 100 victims of terrorism in Israel filed a lawsuit against the bank demanding it stop transferring money to terror groups.

BOC spokesman Wang Zhaowen said the bank had always conducted business in conformity to the anti-money laundering and anti-terrorist requirements of the United Nations.

"The bank had always abided by rules set by related industry supervisors and regulators in China and abroad, and its internal anti-money laundering and anti-terrorist policies also ban financial services for terrorist organisations," he said.

Wang said the Bank of China would clarify the facts through legal procedures.

The bank would reserve rights to file a counter-lawsuit and to adopt any other necessary legal measures, the spokesman added.
Source: IANS
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