The Sandstorm report was the name of the secret report submitted on June 22, 1991 by financial consultants Price Waterhouse to the Bank of England

Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

, showing that the Bank of Credit and Commerce International

Bank of Credit and Commerce International

The Bank of Credit and Commerce International was a major international bank founded in 1972 by Agha Hasan Abedi, a Pakistani financier. The Bank was registered in Luxembourg with head offices in Karachi and London. Within a decade BCCI touched its peak...

 (BCCI) had engaged in widespread fraud, and that organizations regarded as terrorist

Terrorism

Terrorism is the systematic use of terror, especially as a means of coercion. In the international community, however, terrorism has no universally agreed, legally binding, criminal law definition...

 groups had maintained several accounts in BCCI in London

London

London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...

, with the apparent knowledge of the British and American intelligence community. Sandstorm was Price Waterhouse's codename for BCCI.

As a result of the information contained in the Sandstorm report, the bank was raided and taken over by regulators in seven countries on July 5, 1991. Estimates of financial losses range from $10 billion to $17 billion, though some of it has been recovered by the banks liquidators, Deloitte & Touche. http://www.erisk.com/Learning/CaseStudies/ref_case_bcci.asp