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The BCCI Affair
Senate Committee on Foreign Relations
Senate Committee on Foreign Relations
Abstract
The Senate Committee on Foreign Relations investigated criminal activity by the Bank of Credit and Commerce International (BCCI), a financial institution created by Agha Hasan Abedi with the help of oil tycoon Sheikh Zayed bin Sultan Al Nahayn of Abu Dhabi. The committee used leads from BCCI insiders as well as documents from various institutions to complete the investigation, though the evidence was very disorganized because of BCCI's poor record keeping alongside attempts to destroy or falsify information. It was discovered that the BCCI was responsible for: billions of dollars in fraud, money laundering on 4 continents, bribery of federal officials, support of terrorism/arms trafficking, tax evasion, smuggling, illegal immigration, and illicit purchases of banks and real estate. The committee made a list of recommendations which urged the US government to investigate corruption in Washington and improve the regulation system for movement of funds across international borders.
Date
1992-12-01
Document Type
Senate Bipartisan Staff Report
Serial Number
102-140.Sprt
Document Length
606 pages
Congress
102
Relation
DOI
Keywords
Staff Reports
PAP Major Code
12: Law, Crime, and Family Issues
PAP Minor Code
1202: White Collar Crime and Organized Crime
Related Hearings
• Senate Committee on Foreign Relations, Subcommittee on Terrorism, Narcotics, and International Operations, hearing on "The BCCI Affair," 102nd Cong., (1991 and 1992)
• Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Consumer and Regulatory Affairs, hearing on "The Bank of Credit and Commerce International," 102nd Cong., S. Hrg. 102-379, (May 23, 1991)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on "Federal Reserve," 97th Cong., (1981, April 23)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on "Federal Reserve," 95th Cong., (1978, April 23)
• Senate Committee on Foreign Relations, Subcommittee on Terrorism, Narcotics and International Communications, hearing on "Testimony of Mr. Aziz Rehman about the Bank of Credit and Commerce International," 100th Cong., (1988, October)
• Senate Committee on Homeland Security and Government Affairs, hearing on "Bert Lance," 95th Cong., (1977, September 8 - 14)
• Senate Foreign Relations, Subcommittee on Terrorism, Narcotics, and International Operations, hearing on "General Noriega's Drug Trafficking and Money Laundering," 100th Cong., (1988, February 9)
• Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Consumer and Regulatory Affairs, hearing on "The Bank of Credit and Commerce International," 102nd Cong., S. Hrg. 102-379, (May 23, 1991)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on "Federal Reserve," 97th Cong., (1981, April 23)
• Senate Committee on Banking, Housing, and Urban Affairs, hearing on "Federal Reserve," 95th Cong., (1978, April 23)
• Senate Committee on Foreign Relations, Subcommittee on Terrorism, Narcotics and International Communications, hearing on "Testimony of Mr. Aziz Rehman about the Bank of Credit and Commerce International," 100th Cong., (1988, October)
• Senate Committee on Homeland Security and Government Affairs, hearing on "Bert Lance," 95th Cong., (1977, September 8 - 14)
• Senate Foreign Relations, Subcommittee on Terrorism, Narcotics, and International Operations, hearing on "General Noriega's Drug Trafficking and Money Laundering," 100th Cong., (1988, February 9)