A report by the General Accounting Office (investigative arm of Congress) says Citibank transferred $100 million in alleged drug money for Raul Salinasí, the brother of Carlos Salinas de Gortari, a former Mexican president who is currently in prison.
The report says that Citibank set up an investment firm in the Cayman Islands as well as investment accounts in Citibank London and Citibank Switzerland for Salinas and "facilitated a money-managing system that disguised the origin, destination, and beneficial owner of the funds." The report claims that Citibank did not follow itís own procedures, such as getting references for Raul Salinas, especially since rumors were common he was linked to drug lords.
Citibank allegedly thought the money was legal and came from the sale of a construction company Salinaís owned. Citibank allegedly did not find out the name of the company or whom it was sold to or for how much.
Citibank will cooperate fully with law enforcement.
