Republic to probe FIFA-related wire transfers

(Trinidad Express) Republic Bank Ltd (RBL) managing director David Dulal-Whiteway has said the bank is doing an internal investigation into the FIFA-related wire transfers.

RBL was among six regional banks listed as having completed wire transfers of large sums of money for the FIFA executives who were charged by the US last week.

The indictment shows in 2008, a high-ranking FIFA offi­cial caused payments totalling $10 million to be wired from a FIFA account in New York, USA, for credit to accounts held in the names of the Caribbean Football Union and the Confederation of North, Central American and Caribbean Associations of Football (CONCACAF).

These accounts were controlled by then FIFA vice-president Jack Warner and were held at Republic Bank.

Warner is among 14 FIFA officials indicted by the US for money laundering, wire fraud and bribery, arising out of investigations conducted by the US government.

He appeared in court in Port of Spain last week where he was granted $2.5 million bail on 12 charges read in court. There are eight charges on the indictment.

Speaking to reporters yesterday, Dulal-Whiteway said:

David Dulal-Whiteway
David Dulal-Whiteway

“We are investigating all that is inside of here. Our information is just as what was reported. We have to investigate the transaction and that’s what is being investigated right now.

“The main thing is to ensure the bank did what it is supposed to do and which, so far, we are confident that we have done. Once we meet all those requirements and we show that we had done everything that had to have been done from a customer/banker relationship, I won’t feel uncomfortable.”

Dulal-Whiteway said the bank has also been co-operating with all requests made by the Financial Intelligence Unit on the matter.

The other banks listed in the 166-page US indictment were First Citizens (Trinidad and Tobago), Intercommercial Bank (Trinidad and Tobago), Fidelity Bank (Cayman Islands), Barclays Bank (Cayman Islands) and First Caribbean International Bank (Bahamas).