Banking Fraud — The Euro‐Regulatory Response Available to Purchase

Although considerable action has been taken in an attempt to identify and correct the regulatory gaps in domestic and international banking supervision exposed by the collapse of the Bank of Credit and Commerce International (BCCI) in July 1991, the response of the European Community in the form of a proposed Prudential Supervision Directive — the so‐called ‘Post‐BCCI Directive’ — is still locked in the complex decision‐taking procedures of the Community which were further revised by the Maastricht Treaty on European Union in December 1991.