Republic Bank rubbishes report about alleged involvement in money laundering

In a statement, the Bank said, it rejects the assertion that it is engaged in money laundering activities, adding that the Bank has a rich history of integrity spanning over 175 years and views any suggestion of this nature to be malicious, libelous and unfounded.

Republic Bank rubbishes report about alleged involvement in money laundering

Commercial Bank, Republic Bank Limited has lashed out at a report in the Kaieteur News which created the impression that the bank may have been involved in money laundering.

The local newspapers carried a report on Wednesday that the State Asset Recovery Unit was probing the involvement of a local bank in money laundering. Republic Bank was the only bank named in the report.

In a statement, the Bank said, it rejects the assertion that it is engaged in money laundering activities, adding that the Bank has a rich history of integrity spanning over 175 years and views any suggestion of this nature to be malicious, libelous and unfounded.

“In particular, the Bank denies that any deposit of cash or cash equivalents was made to the referenced account by the named party on June 16, 2011 or any other date”, the statement added.

 The Bank has since indicated that in light of the article which it sees as tarnishing the Bank’s reputation and questions its adherence to sound banking principles, it intends to take all necessary steps, including reviewing legal options, to address these false allegations, to protect its reputation and the interests of all stakeholders.

The Central Bank of Guyana also denied any involvement in money laundering by Republic Bank.

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