Info:
The Commercial Bank of Syria, a Syrian state-owned financial institution based in Damascus with approximately 50 branches, was designated today for providing financial services to Syria’s Scientific Studies and Research Center (SSRC) and North Korea’s Tanchon Commercial Bank (Tanchon). SSRC and Tanchon were listed in the Annex to E.O. 13382 in June 2005 for their support for WMD proliferation by Syria and North Korea, respectively. The Syrian Lebanese Commercial Bank was designated today for being owned or controlled by the Commercial Bank of Syria;
SSRC controls Syria’s missile production facilities and oversees Syria’s facilities to develop unconventional weapons and their delivery systems. The Commercial Bank of Syria has continued to provide financial services to the SSRC and associated companies following the SSRC’s designation, including the maintenance of bank accounts and financing for purchases that permit the SSRC and associated companies to advance Syria’s WMD programs. For example, in 2010, SSRC arranged financing through the Commercial Bank of Syria for missile-related purchases;
The Commercial Bank of Syria also holds an account for Tanchon, the primary financial agent for the Korea Mining Development Corporation (KOMID), North Korea’s premier arms dealer and main exporter of goods and equipment related to ballistic missiles and conventional weapons. KOMID was also listed in the Annex to E.O. 13382;
The Commercial Bank of Syria has engaged in dealings with several Iranian banks designated by Treasury under E.O. 13382, including the Export Development Bank of Iran, Bank Saderat and Bank Melli;
The Commercial Bank of Syria was identified by Treasury as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT ACT in May 2004, and issued its Final Rule in March 2006. The Commercial Bank of Syria remains in control of much of the Syrian banking market and controls most public sector contracts. In light of today’s designation, Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions of the Commercial Bank of Syria’s continued involvement in illicit financial activities;
Subsidiaries:
Syrian Lebanese Commercial Bank
Country:
Syria
Address:
P.O. Box 933, Yousef Azmeh Square, Damascus, Syria
Aleppo Branch, P.O. Box 2, Kastel Hajjarin St., Aleppo, Syria
Damascus Branch, P.O. Box 2231, Moawiya St., Damascus, Syria
Website:
www.cbs-bank.sy
E-mail:
info@cbs-bank.sy
Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on 8/10/2011 pursuant to Executive Order 13572;