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‘October, 2001’

Shell Game: Citibank attacks money-laundering regulations

Shell Game: Citibank attacks money-laundering regulations

In These Times, Oct 22, 2001

Offshore banking has helped Citibank clients hide millions. Citibank

Citibank Citibankis leading a fight by American banks to gut the anti-moneylaundering laws currently being considered in Congress—laws that could significantly change the way banks do business for their wealthiest clients.

Citibank is seeking an exception to a proposed ban on doing business with shell banks, which have no physical presence and are situated “virtually” in offshore zones to avoid taxes and regulations. The banks are used to hide and launder perhaps billions of dollars a year.

A Book Too Hot For U.S. to Handle? Tracking Terrorist Money

A Book Too Hot For U.S. to Handle? Tracking Terrorist Money

Pacific News Service, Oct 4, 2001

NEW YORK–A controversial European book that might help authorities track terrorist funding sources remains unpublished and relatively unknown in the United States.

”Entitled “Revelation$,”it exposes a secret banking system that might be used by terrorists. At the center is a clearinghouse in Luxembourg called Clearstream, which transfers money for international banks and major companies.

Written by a former high-ranking Clearstream official and a French journalist, its publication last February by Les Arenes in Paris triggered the firing of Clearstream’s top officials, a judicial inquiry in Luxembourg, and invitations to the authors to address members of the European Parliament and the French parliamentary commission on financial crime and money-laundering.