Egypt’s Secret Swiss Bank | REBEL ECONOMY:
"Nestled in the heart of downtown Cairo is the opulent headquarters of Arab International Bank, a secretive bank that has allowed kleptocrats to funnel money out of the country for decades with barely any regulatory oversight.
The bank, established in 1974 by a treaty signed by Egypt, Libya, Qatar, Oman and the UAE, is exempt from many Egyptian laws, customs duties and taxes and is testament to the once powerful nexus between the governments of the region.
However, the bank’s links to Egypt’s old guard, as well as the Qaddafi and Assad regime, led the bank to become a centre of controversy following the revolutions of 2011.
Operating free of the regulations governing other Egyptian banks, AIB was initially established to persuade Egyptians to bring their money back to the country after the death of president Gamal Abdel Nasser in 1970."
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