Natwest Statement

The following is a statement issued by NatWest Bank PLC:

"NatWest is defending a legal action in the US which alleges that its maintenance of bank accounts for Interpal gives rise to liability to US victims of terrorism under the US Anti-Terrorism Act ("the Act"). In September 2006 the court presiding over the claim issued a ruling permitting the claim to go forward beyond the preliminary stage, whilst making no decision on its ultimate merits. The ruling, which cannot be immediately appealed, has the effect of exposing NatWest to potential liability for providing routine banking facilities to Interpal.

 

NatWest has no knowledge of the alleged terrorist activities of either Interpal or other groups named in the complaint. It disagrees with the Court's analysis of the Act and in any event strongly believes that the legal claims against NatWest are unfounded. NatWest intends to continue to defend the action vigorously.

 

In view however of the Court's ruling and the potential for future risk of liability under the Act that it has created, NatWest has regrettably had no alternative but to close Interpal's accounts. NatWest remains confident that its defence of the US proceedings will prevail."

 

National Westminster Bank Plc,
Registered in England No. 929027.
Registered Office: 135 Bishopsgate, London EC2M 3UR.