*EPF412 10/04/01
Text: State Department on Alleged Bin Laden Accounts in Cyprus
(Taken Question: October 4 State Department statement) (290)

Following is the text of a question taken at the October 3 regular State Department briefing; an answer was posted the next day:

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U.S. DEPARTMENT OF STATE
Office of the Spokesman

October 4, 2001

QUESTION TAKEN AT OCTOBER 3, 2001 DAILY PRESS BRIEFING

CYPRUS: OFF-SHORE BANK ACCOUNTS

Question: What can we say about how Cyprus is dealing with Usama bin Laden's off-shore bank accounts?

Answer: We welcome the government of Cyprus' pledge to support fully the international community in the battle against terrorism. We note that Cypriot authorities have taken steps to tighten up implementation of regulations aimed at identifying and stopping money laundering, including efforts to strengthen its banking laws and regulations to prepare for its bid to join the European Union.

There are press reports that bin Laden used Cyprus and a number of countries for financial transactions. The government of Cyprus made it clear that it will investigate any and all leads seriously and urgently. This is an opportunity for Cyprus to take action that underscores its commitment to work with the international community against terrorism.

In 2000, Cyprus' anti-money laundering regime was the subject of an intensive investigation by the 29 member state Financial Action Task Force's (FATF) "non-cooperative country and territories" exercise. The task force concluded that the Cypriot anti-money laundering regime met all international standards.

The U.S. issues an annual report on efforts around the world to combat money laundering. In this report, we noted the progress made by Cyprus in improving its legal regime to combat money laundering. Our report also notes that effective enforcement of such laws is essential.

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(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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