Exclusive: Confessions of a Citibanker

Banks, Corporate Abuses, Major Past Articles, Offshore, Regulation & enforcement, Scoops  

Is Citibank Spain a tax cheat?
New Internationalist, Aug 2006
Citigroup

With help from a whistleblower, I followed the money trail through the offshore operations of Citigroup, the world‘s biggest bank, and discovered that Spanish bankers handling their client’s offshore accounts were getting commissions via an internal accounting system instead of on the regular books.

It is the same internal system that Citigroup used in the 1970s to compensate currency traders in Paris, London, Frankfurt and elsewhere who booked trades in the tax haven Nassau, the Bahamas. They were exposed by an insider, were investigated by the SEC and Congress, and had to pay millions in back taxes. Is this happening again?

Citigroup: a culture and history of tax evasion

Corporate Abuses, Offshore, Scoops  

This report describes and details a history of tax evasion by the world‘s largest
financial conglomerate, Citigroup. Going back decades, it is a story of
repeated, aggressive tax evasion for itself and clients, depriving governments
and therefore citizens of huge amounts of funds and carried out with relative
impunity.