Bingham Parliamentary Report Criticizes Bank of England’s Judgment and Changes

On October 22, 1992, the Bingham report, which was commissioned jointly by the Bank of England and the United Kingdom Government, was released and criticized the Bank of England’s supervision of the Bank of Credit and Commerce International. The report also suggested several reforms in the supervision of international operations of financial institutions to ensure against financial fraud and money laundering. Many of these recommendations are likely to be adopted in the very near future, especially since the Basle Committee on Banking Supervision and Regulation and other governments have also proposed identical and similar recommendations…[more]