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Vol 43 No 11

Published 31st May 2002

Bank accountability

The United States Congress may compel US banks to disclose accounts held by foreign politicians, when state funds may have been stolen. On 9 May, the House of Representatives Financial Institutions and Services Committee discussed ways to tackle corruption and money-laundering, in a hearing graphically entitled 'Recovering the Dictators' Plunder'. The Committee's senior Democrat, Michael Oxley from Ohio, said that despite growing poverty in Africa, funds secreted in overseas accounts by African rulers and their families had risen sharply in the past decade.

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