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BNY Russian Offshore Scandal Rumbles On

Tax-news.com

19 September 1999


Evidence to the Washington Congressional Banking Committee continues to shed a little more light on the possible money-laundering activities of its employees and their Russian contacts. This week, Thomas Renyi, Chairman and CEO of Bank of New York, admitted that the Bank had not pursued internal suspicions sufficiently vigorously, and confirmed that Boris Yeltsin's son-in-law, Leonid Dyachenko, had two accounts with the bank in the Cayman Islands. The Banking Committee also heard evidence about turf wars between investigative agencies, and a suggestion that the Swiss investigation into linked transactions had only just started because of delays in the US. This is all far from proving criminal activity; what it does prove is that human nature is stronger than regulations - as long as banks want customers and there are attractive alternatives like offshore jurisdictions, so long will twilight activities continue and so long will they fail to be noticed by the gatekeepers. Quis custodies custodiet?

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