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Links urged between Afghan, US banks

Links urged between Afghan, US banks

May 14, 2013 - 21:17

KABULinfo-icon (PANinfo-icon): The German Commerce Bank has asked Afghan financial institutions to establish links with a US bank banks for uninterrupted dollar transfers, a senior official said on Tuesday.

If the links are not established within two months, the German the bank would stop dollar transfers of Afghan institutions, Da Afghanistaninfo-icon Bank Governor Noorullah Dilawari said.

The German bank conveyed him its decision at a meeting in Dubai a month ago, Dilawari said. Of the seven banks in Afghanistan, three are registered with a US bank.

Some top officials of these institutions informed him on Monday they had established links with credible foreign banks to ensure their dollars, he explained.

The German Commerce Bank’s is essentially driven by fear of being fined by the US. The British Chartered Bank was recently fined hundreds of millions of dollars for defying US sanctions on Iran.

“We report to the IMF and the UN on our money and have follow rules against money laundering, terrorist financing and drug trafficking,” Dilawari continued.


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