DAMASCUS - Syria, facing pressure from the United States, has brought in new banking laws to crack down on money laundering and terror funding, the official Sana news agency said Monday.
"Syria wants to ensure that its banking system is in line with internatonal regulations," Finance Minister Mohammad al-Hussein was quoted as saying.
Washington has raised concerns over the alleged involvement of the Commercial Bank of Syria in money-laundering operations and the financing of terrorism, threatening sanctions under the US Patriot Act passed after the September 11 attacks of 2001.
Syria itself has been under US economic sanctions since May on charges of supporting terrorism and working to destabilise Iraq.
All banks operating in Syria and its free trade zones will come under the new banking laws decreed by President Bashar al-Assad, Sana said.
Hussein said the regulations were aimed at making the Syrian system more transparent and to "build bridges of confidence" with its economic and financial partners.
05/02/2005 11:27 GMT