Banking Industry Luxembourg

The Luxembourg government said it plans to impose harsh penalties for money laundering, a move that follows the indictment by the United States of a bank based here on charges of cleansing drug money. A spokesman for Prime Minister Jacques Santer's office said the new law, which the government hopes to rush through parliament, aims to protect Luxembourg's image as a financial center in the face of a worldwide flood of drug money. "We have to prevent that money being placed here," he said.

In an unprecedented move, banking regulators from around the world seized the operations of scandal-plagued Bank of Credit & Commerce International after the Bank of England uncovered what it says was a massive fraud by the company. One seizure was in Los Angeles. State regulators seized the BCCI office shortly before 9 a.m. Friday. Luxembourg-based BCCI has been linked to a number of scandals worldwide involving such figures as former Panamanian leader Manuel A. Noriega and former U.S.

In an unprecedented move, banking regulators from around the world seized the operations of scandal-plagued Bank of Credit & Commerce International after the Bank of England uncovered what it says was a massive fraud by the company. One seizure was in Los Angeles. State regulators seized the BCCI office shortly before 9 a.m. Friday. Luxembourg-based BCCI has been linked to a number of scandals worldwide involving such figures as former Panamanian leader Manuel A. Noriega and former U.S.

An international bank that handled accounts for ousted Panamanian strongman Manuel A. Noriega pleaded guilty Tuesday to laundering millions of dollars of cocaine profits and agreed to forfeit more than $15 million in assets to the United States.

A bank account containing $3 million belonging to former narcotics agent Darnell Garcia of Rancho Palos Verdes, charged with drug trafficking and money laundering, has been seized by Luxembourg authorities, a prosecutor in that country disclosed Monday. At the same time, Garcia's wife, Adaline Brigitte Garcia, has been arrested by Luxembourg police, according to informed sources. Details of her arrest were sketchy. Garcia was arrested in Luxembourg last July.

An international bank that handled accounts for ousted Panamanian strongman Manuel A. Noriega pleaded guilty Tuesday to laundering millions of dollars of cocaine profits and agreed to forfeit more than $15 million in assets to the United States.

A bank account containing $3 million belonging to former narcotics agent Darnell Garcia of Rancho Palos Verdes, charged with drug trafficking and money laundering, has been seized by Luxembourg authorities, a prosecutor in that country disclosed Monday. At the same time, Garcia's wife, Adaline Brigitte Garcia, has been arrested by Luxembourg police, according to informed sources. Details of her arrest were sketchy. Garcia was arrested in Luxembourg last July.

The Luxembourg government said it plans to impose harsh penalties for money laundering, a move that follows the indictment by the United States of a bank based here on charges of cleansing drug money. A spokesman for Prime Minister Jacques Santer's office said the new law, which the government hopes to rush through parliament, aims to protect Luxembourg's image as a financial center in the face of a worldwide flood of drug money. "We have to prevent that money being placed here," he said.