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
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