Legal difficulties
United States allegation
On May 22, 2012, the United States Department of the Treasury announced the identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern under the USA PATRIOT Act (Section 311). The U.S. Government took this action because it has reason to believe that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex's true beneficial ownership.
Credexbank response
On May 25, 2012, Credexbank JSC issued a press release "that assertions of the United States Department of the Treasury regarding transactions carried out by the Bank and the possibility itself for a small Belarusian bank to act as a “key center for money laundering” are groundless."
Credexbank reports that "An audit for the observance of measures by the Bank aimed at combating money laundering and financing of terrorism has been also carried out by the respective state authorities" such as the State Control Committee of the Republic of Belarus and the National Bank of the Republic of Belarus. Credexbank JSC announced that it is " consulting with their lawyers in Switzerland in order to protect business reputation" and "to prove the noninvolvement of Credexbank JSC in illegal business and eliminate any doubts about reliability of the bank".
Belarusian Foreign Ministry response
Foreign Ministry spokesman Andrei Savinykh of the Belarusian Foreign Ministry has dismissed the allegations of the United States, accusing Credexbank, a Belarusian bank, of money laundering.
National Bank of Belarus investigation
On June 23, 2012, the first deputy chairman of the Board of the National Bank of Belrussia Mikalay Luzgin said, presently the National Bank is verifying the data obtained from the US Department of the Treasury. Mikalay Luzgin is in charge of the bank surveillance.
Later, in response to the money laundering allegations, the National Bank of Belarus conducted an unscheduled inspection of Credexbank and did not find evidence of impropriety.
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The National Bank of Belarus announced that,
"In the course of the audit it was once again proved that Credexbank rules and procedures of internal control to prevent the legalization of proceeds from crime and terrorist financing were largely consistent with both the requirements of legislation of the Republic of Belarus and the FATF standards (FATF - Financial Action Task Force on Money Laundering - an intergovernmental organization that sets standards and develops policies to combat "money laundering" and financing terrorism)."
"However, in order to minimize the risk of further information that could cause substantial harm to the Belarusian banks’ reputation, the National Bank of Belarus intends to initiate the preparation of a draft legal act, enabling the Belarusian banks to sever relations with dubious clients, cooperation with which can lead to undesirable consequences," the National Bank noted.
