Shell Game: Citibank Attacks Money-Laundering Regulations

| October 26, 2001

Shell Game: Citibank Attacks Money-Laundering Regulations, Lucy Komisar, In These Times
Proposed legislation to strengthen anti-money laundering laws is meeting opposition from Citibank, a corporation known for working with off-shore banks that hide and launder billions of dollars annually. The proposed ban, part of Bush's anti-terrorism plan, would prohibit banks from doing business with money-laundering 'shell banks.' Shell banks provide a considerable amount of business to U.S. banks--about $500 billion annually--and that is why Citibank doesn't want to give them up, according to an In These Times article. Many banks have helped contribute to the estimated $70 billion loss in taxes every year by hiding clients' money in shell banks, but Citibank is the only major U.S. bank that admits supporting them.
--Kate Garsombke
Go there>>

Pay Now Save $5!

Utne Summer 2016Want to gain a fresh perspective? Read stories that matter? Feel optimistic about the future? It's all here! Utne Reader offers provocative writing from diverse perspectives, insightful analysis of art and media, down-to-earth news and in-depth coverage of eye-opening issues that affect your life.

Save Even More Money By Paying NOW!

Pay now with a credit card and take advantage of our earth-friendly automatic renewal savings plan. You save an additional $5 and get 4 issues of Utne Reader for only $40.00 (USA only).

Or Bill Me Later and pay just $45 for 4 issues of Utne Reader!

Facebook Instagram Twitter