Shell Game: Citibank Attacks Money-Laundering Regulations

Shell Game: Citibank Attacks Money-Laundering
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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