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Private Banking: Raul Salinas, Citibank, and Alleged Money Laundering

OSI-99-1 Published: Oct 30, 1998. Publicly Released: Dec 04, 1998.
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Pursuant to a congressional request, GAO provided information on Raul Salinas de Gotari, brother of the former President of Mexico, Carlos Salinas de Gotari, and his alleged involvement in laundering money out of Mexico through Citibank to accounts in Citibank affiliates in Switzerland and the United Kingdom, focusing on: (1) how Raul Salinas was able to transfer between $90 million and $100 million from Mexico into foreign accounts through Citibank and its affiliates; (2) what functions and assistance Citibank performed for Mr. Salinas; (3) whether Citibank's actions complied with applicable federal laws and regulations; and (4) a comparison of Citibank's practices during the Salinas transactions with its testimony in a 1994 money laundering trial.

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Bank depositsBank examinationBanking regulationElectronic funds transferFraudInternal controlsLaw enforcementLending institutionsMoney launderingOrganized crime