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‘May, 2003’

Rumsfeld Queried on Offshore Banking Reform

Rumsfeld Queried on Offshore Banking Reform

The American Reporter, May 27, 2003

It hasn’t been reported in the U.S. press – until here, now – but Milan, Italy’s chief prosecutor has obtained thousands of documents that show how for more than 20 years Saddam Hussein used the Western bank and corporate secrecy system to launder bribes skimmed from oil revenues to pay his security forces and buy Western arms during international embargoes.

The key countries – whose governments openly allow these money-laundering systems to exist – were Switzerland, Liechtenstein, Panama and Nassau. Corporate registrations and bank accounts there use “straw men” and secrecy rules to cover up true owners of companies and accounts.