WASHINGTON – The Treasury Department Tuesday cited a Belarus-based bank as potentially having links to money laundering, and proposed barring U.S. banks from opening or maintaining accounts with the institution.

Using authority under the USA Patriot Act, Treasury identified JSC CredexBank as a financial institution “of primary money laundering concern.” Treasury said it had reason to believe JSC CredexBank has engaged in high volumes of transactions indicative of money laundering on behalf of shell corporations. The bank also has a history of ownership by shell corporations, whose lack of transparency contributes to “considerable uncertainty” surrounding the bank’s true ownership, Treasury said.

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