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Resource ID: #15038
Subject: Banks
Source: Business Week
Affiliation: 
Date: Nov. 1, 1998; Dec. 14, 1998

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Description

In the early 1990s, Citibank helped Raul Salinas, brother of the former president of Mexico, move more than $90 million out of Mexico to Swiss bank accounts. Business Week investigated and found that Citibank has performed similar services for wealthy clients around the world. The bank appears to avoid the spirit of the money-laundering laws in an effort to boost profits.

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