HSBC probes 'Saddam connection'

LONDON-headquartered banking giant HSBC has launched an investigation into claims by the CIA that its branch in Amman, Jordan, was used by Saddam Hussein as part of the financial network built up by his regime to avoid trade sanctions.

An HSBC spokesman said: 'We had no knowledge of this transaction until the report was published.

'We are confident that we had the best practices in place to ensure that nothing illegal took place. But international finance is highly complex and sometimes things slip through.

'We have set up an immediate investigation into what took place.

'There is no suggestion in the report that we did anything wrong.

'We will get to the bottom of this and if that requires co-operation with any of the world's law-enforcement agencies we will certainly do so.'

The report does not accuse HSBC of acting illegally and provides very little detail as to how the bank was used.

It states: 'Transactions were never made by telex or electronic transfer, because it was feared these would be detected by the US or UK.

'Instead those wishing to buy oil, or other commodities such as sheep, outside of the Oil For Food programme would pay cash to an account at Rafidian Bank in Amman.

'Further cash transfers would then be made to other banks including the Hong Kong and Shanghai Banking Corporation in Amman, where regime money remained.'

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