The First Oil-For-Food Charges

While we're all still waiting for the UN to seriously invstigate its own corruption in the Oil-For-Food scandal, criminal charges have been announced against two crooked banks.

The Treasury Department dubbed the banks "primary money laundering concerns" for their failure to combat problems with the oil-for-food scheme.

Stuart Levey, Treasury undersecretary, said: "Today's designation alerts the global financial community of the threat posed by these entities. It also serves notice to others that there will be significant consequences for institutions that launder tainted money or engage in similar corruption: we will cut you off from the US financial system."

The US claims Infobank was central to Saddam Hussein's scheme to divert more than $10 billion from the oil-for-food deal to the Iraq government. It is not claiming that either bank was directly aware of the plot to deceive the UN, however.