WORLD CHESS FEDERATION HAS SWISS BANK ACCOUNTS BLOCKED

KYC 360 on 15th February reported that the World Chess Federation (Fide) says its Swiss bank accounts have been closed after its president was accused of facilitating transactions on behalf of the Syrian government.  Russian millionaire Kirsan Ilyumzhinov was added to a US Treasury Department sanctions list in 2015 for his alleged dealings with the Assad government.  He denies wrongdoing, and stepped back from Fide to try to resolve the issue.  But Fide says Swiss bank UBS closed its accounts as he is still sanctioned.

https://kyc360.com/news/world-chess-body-swiss-bank-accounts-closed/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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