Sandstorm report

The Sandstorm report was the name of the secret report submitted on June 22, 1991 by financial consultants Price Waterhouse to the Bank of England, showing that the Bank of Credit and Commerce International (BCCI) had engaged in widespread fraud, and that organizations regarded as terrorist groups had maintained several accounts in BCCI in London, with the apparent knowledge of the British and American intelligence community. Sandstorm was Price Waterhouse's codename for BCCI.

As a result of the information contained in the Sandstorm report, the bank was raided and taken over by regulators in seven countries on July 5, 1991. Estimates of financial losses range from $10 billion to $17 billion, though some of it has been recovered by the banks liquidators, Deloitte & Touche. [http://www.erisk.com/Learning/CaseStudies/ref_case_bcci.asp]

ee also

*Abu Nidal

References

*Kochan, Nick & Whittington, Bob. "Bankrupt: The BCCI Fraud", London 1991
*Adams, James Ring & Frantz, Douglas. "A Full Service Bank", London 1991
* [http://web.archive.org/web/20050207214648/http://www.erisk.com/Learning/CaseStudies/ref_case_bcci.asp "Case study: Bank of Credit and Commerce International"] , Erisk, June 2001, (via Internet Archive), retrieved October 1, 2007,
* [http://visar.csustan.edu/aaba/Sandstorm1.PDF An incomplete copy of the Sandstorm report] (pdf), made available by the Association for Accountancy and Business Affairs, retrieved November 9, 2005
* [http://visar.csustan.edu/aaba/bccipage.html List of BCCI reports] , Association of Accountancy and Business Affairs, retrieved November 9, 2005