International Banking: Take It to the Cleaners
Psst. Need to launder some dirty money? No problem. Pakistan's central bank placed some eyebrow-raising advertisements in the Wall Street Journal last week, offering to sell Pakistani government-backed bonds to anyone with cash. "No questions asked about the source of funds," says the ad. "No identity to be disclosed." The State Bank of Pakistan, which placed the ads, may be picking up where another Pakistani bank -- the corrupt Bank of Credit & Commerce International -- left off.
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