syria/iraq $

On May 11, a day after the Fed fined UBS, the federal government issued trade sanctions against Syria, saying it supported terrorism. The same day, the Treasury Department shut off access to the American banking system for Syria's main state-owned bank, the Commercial Bank of Syria, citing suspicions that transactions at the bank were used to finance terrorism and launder money related to the United Nations oil-for-food program.
http://www.nytimes.com/2004/06/06/business/yourmoney/06ubs.html?pagewanted=all&position=

"Numerous transactions that may be indicative of terrorist financing and money laundering have been observed" moving through the Syrian bank's accounts, according to a Treasury Department document, adding that the transfers include several transactions "that reference a reputed financier for Osama bin Laden."

According to the Treasury Department, Iraq's state oil agency maintained accounts at the Commercial Bank of Syria through which oil-for-food money was diverted. Imad Moustapha, Iraq's ambassador to the United States, said in an interview on Thursday that the Syrian bank had about $265 million in funds legally deposited there by the Hussein government. He denied all accusations of money laundering and other financial improprieties involving Syria and the Hussein government, describing them as "politically motivated" and part of a "campaign of disinformation about Syria."