Word: luxembourgers
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FOOTNOTE: *Belgium, Britain, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain...
B.C.C.I. was started in 1972 with the putative mission of becoming the Muslim world's first banking powerhouse. Though it was incorporated in Luxembourg and headquartered in London, had more than 400 branches and subsidiaries around the world and was nominally owned by Arab shareholders from the gulf countries, B.C.C.I. was always a Pakistani bank, with its heart in Karachi. Agha Hasan Abedi, the bank's founder and leader until his ouster last year, is a Pakistani, as are most of the bank's former middle managers. And it was in Pakistan that the bank's most prodigiously corrupt division...
...dozens of other senior figures. U.S. Attorney General Dick Thornburgh has asked the Colombian government to extradite them. Santacruz's half-brother and confidant, Luis Santacruz Echeverri, has been convicted on conspiracy charges in Miami, and his personal financial adviser, Edgar Alberto Garcia Montilla, has been jailed in Luxembourg for money laundering...
President F.W. de Klerk's policy of dismantling apartheid has reaped its biggest foreign policy reward to date. Meeting in Luxembourg last week, the 12-nation European Community voted unanimously to lift the group's remaining economic sanctions against Pretoria. As soon as it is formalized, the move will end a five-year-old ban on the importation of South African iron, steel and gold coins that had accounted for $700 million in annual trade before the embargo went into effect...
Investigators have evidence that First American, the largest bank in the Washington area (1990 assets: $11 billion), has for years been secretly controlled by a criminally tainted, money-laundering, Luxembourg-based global bank. That evidence last week prompted the Federal Reserve to interdict all transfer of money and assets between the two banks. The regulators asked the Justice Department, which has appeared reluctant to pursue allegations, to begin a criminal and civil investigation. The Fed was responding to pressure generated by Manhattan district attorney Robert Morgenthau, who is presenting evidence of fraud, money laundering and disguised ownership...