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SHELL GAME

Citibank attacks money-laundering regulations

By Lucy Komisar

Citibank is 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… return to article

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