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The BCCI Affair
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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.
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1992-12-01
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