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, showing that the Bank of Credit and Commerce International (BCCI) had engaged in widespread fraud, and that organizations regarded as terrorist groups had maintained several accounts in BCCI in London, 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.
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“Sure, you can love your child when he or she has just brought home a report card with straight “A’s.” It’s a lot harder, though, to show the same love when teachers call you from school to tell you that your child hasn’t handed in any homework since the beginning of the term.”
—The Lions Clubs International and the Quest Nation. The Surprising Years, II, ch.3 (1985)