IMF Recommends Receivership and Sale of Kabul Bank as U.S. Investigators Karzai and Blacklists Afghan Money Exchanger

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Friday, April 1, 2011
Author: 
Bruce Zagaris
Volume: 
27
Issue: 
4
Abstract: 
On February 15, 2011, the International Monetary Fund (IMF) recommended that Afghanistan’s largest bank, the Kabul Bank, be placed in receivership and then sold. Meanwhile, a U.S. grand jury is investigating allegations that Mahmood Karzai, a brother of Afghan President Hamid Karzai, and a 7% owner of the Kabul Bank, engaged in racketeering, extortion and tax evasion. On February 18, 2011, the U.S. Treasury placed the New Ansari Exchange and 15 persons associated with on a blacklist for concealing illicit narcotics proceeds. The convergence of developments raise questions about the transparency and integrity of the Afghanistan government...(more)...