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Vol 40 No 23

Published 19th December 1999

Presidential accounts

Between the banks and the ruling families, Africa's money runs out

President Bill Clinton's government wants to crack down on the private-banking departments of some major US banks through which, it is alleged, corrupt foreign officials have laundered stolen money. The initiative was announced, on 10 November, as the US Senate's Special Investigations Committee heard testimony about how Citibank's private-bank department had managed tens of millions of dollars for Gabon's President Omar Bongo and the sons of Nigeria's late military ruler, General Sani Abacha (AC Vol 40 No 22).

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