The scandal involving the Bank of Credit and Commerce International of Luxembourg was a key factor in the passage of the Foreign Bank Supervision Act of 1991.

Question

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The scandal involving the Bank of Credit and Commerce International (BCCI), which was found to be involved in numerous illegal activities, highlighted the need for better oversight of foreign banks operating in the United States, leading to the passage of the Foreign Bank Supervision Enhancement Act of 1991 to address these regulatory shortcomings.

The Scandal Involving the Bank of Credit and Commerce International