Yemen International Bank issues statement regarding OFAC sanctions

SANAA, April 19 (YPA) – The International Bank of Yemen announced its position following the decision issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC) to place the bank and three of its leaders on the sanctions list.

In a statement, the bank affirmed that for more than 45 years, it has conducted its banking operations with high professionalism in accordance with international standards, strictly adhering to compliance standards for combating money laundering and terrorist financing, and the laws of the Central Bank of Yemen.

The statement explained that it would continue to provide his local banking services and operate despite the difficult circumstances beyond its control, taking all necessary measures to mitigate any negative impacts that might result from the decision.

The bank reassured its clients that their balances be fully guaranteed, noting that it holds assets and balances with the Central Bank of Yemen and a number of other banks that exceed the rights of depositors and shareholders.

The statement stressed that it would take all necessary steps, in coordination with the relevant authorities and through official and legal channels, to lift the sanctions and remove it from the OFAC list.

The bank’s statement called on all parties to avoid the banking sector the repercussions of the political conflict, given its serious repercussions on the national economy and citizens’ livelihoods.

AA