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Chess Federation's Accounts Shut Over Ilyumzhinov's Syria Sanctions

11:10 15-02-2018
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The world governing body of chess says its financial dealings have been halted amid allegations that its president facilitated transactions on behalf of the Syrian government, RFE/RL reports.

The Lausanne-based World Chess Federation (FIDE) disclosed on February 13 that Swiss bank UBS closed its accounts more than two years after the organization’s president, Russian millionaire Kirsan Ilyumzhinov, was added to a U.S. sanctions list.

In a letter dated February 12 and published online, FIDE treasurer Adrian Siegel said Ilyumzhinov’s “problems severely damaged FIDE's business activities and we have to look for a new banking connection."

UBS said that it does not comment "on whether individuals or organizations are clients of UBS" but that it follows "all laws and regulations that are applicable to us," according to The Telegraph.

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