VOL. XXXII

NO. 2

17-OCTOBER-1988

Financial and Banking News

REGIONAL BANKING

BCCI Tainted by Drug Laundering Scandal

Bank of Credit and Commerce International (BCCI), whose holding company isbased in Luxembourg and is managed from London and Abu Dhabi, has beenimplicated in a major drug-related scandal with the arrest in the US of severalof its senior managers on charges of laundering $14mn worth of funds from drugdealers at its Tampa, Florida branch. A statement from the bank's London officesaid...