bcci bank critical analysis

Likewise, BCCI was the central bank for the British and American arms flows to the Afghan mujahideen. Two rather critical facts, however, were invariably left out of the story—even during the lengthy soap opera trial of former BCCI attorney Robert Altman. The CIA money passed from the U.S. to the al-Taqwa Bank in Nassau to Barbados to Karachi to BCCI in Islamabad. In the summer of 1991, the Bank of England took the unprecedented step of shutting down one of the world's largest banks, the Bank of Credit and Commerce International.
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It had ideal, mechanism for facilitating its illicit activity and even by others like governments officials, whose laws BCCI was breaking. Bailey also became aware of a relationship between BCCI and the CIA. Years later, documents would show that Bank of England officials had suspected fraud at BCCI for at least seven years.

But it didn’t shut BCCI down. BCCI lost its raison d'être, and went the way of the 1960s-era Investors Overseas Service (IOS), and the Vietnam War-era Nugen Hand Bank of Australia: The money was siphoned out, a diversionary scandal was manufactured, and its doors were shut. Most of them were cheated into investing, Customs agents – would connive with BCCI and would receive bribes to facilitate, Charitable organisations – would be given donations by BCCI to create for itself a, Governments of 78 nations through their parties political leaders and presidents –. BCCI became a "crown jewel" in the British offshore hot money system because of its ties to the City of London.

The second fact was that BCCI was created, and then built up as a "world class" bank, primarily to manage the covert funds that poured into the secret war in Afghanistan. The remaining 15% was retained by the original owner, Thesarus Continental Securities Corp., a wholly owned subsidiary of Union Bank of Switzerland (UBS). Soon afterwards, the District Attorney of Manhattan, Robert Morgenthau, handed down criminal indictments against top officials of the bank. Rather than directly employing a force of government auditors to regulate banks, the Bank of England had regulated BCCI by relying And of Third World dictators and the CIA. The Secret World of Economic Hit Men and the Web of Global Corruption, Maier files Series, Tidbits and Backstories, The Secret World of Economic Hit Men and the Web of Global Corruption, Start typing to see results or hit ESC to close, Menticide and brainwashing, a war on your private mind, What is Gravity?
Under BCCI control, BCP was managed by Alfred Hartmann, a former senior official of UBS. It was a shell bank set up to finance the jihad and in fact was simply a correspondent account in the Banca del Gottardo. Nominally founded in 1972 by Pakistani banker Agha Hasan Abedi, it was initially capitalized by the British-run Sheik Zayed of Abu Dhabi, incorporated in Luxembourg, and conducted all of its real business in London. It was a deliberate set up of sophisticated international bankers with, multiplying layers of entities, related to one another through an impenetrable series of, holding companies, affiliates, subsidiaries, banks-within-banks, insider dealings and nominee, BCCI was a vehicle fundamentally free of government control. True, Abedi was closely allied with the Pakistani military, especially with Gen. Mohammed Zia ul-Haq, who took power in 1977; and BCCI was used as a laundromat for the billions of dollars a year generated by the hundreds of heroin laboratories in Pakistan's North West Frontier Province (NWFP) that processed Afghani opium and smuggled it onto the world market. The Bank of Credit and Commerce International was founded in 1972 by a Pakistani banker, Agha Hasan Abedi, with the support of Sheikh Zayed bin Sultan al-Nahyan, ruler of the oil-rich state of Abu Dhabi and head of the United Arab Emirates. A £850 million ($1.6 billion) willful negligence suit against the bank brought by liquidators Deloitte on behalf of creditors was dropped in 2005 after a negative ruling on the claims by the British High Court…, Source: A GAME AS OLD AS EMPIRE 2 Agha Hasan Abedi, who envisioned a bank focused on the third world. The Abu Dhabi princes also enjoyed the favors provided by BCCI’s “special protocol department,” which, according to the later investigation by Senator John Kerry, provided big investors with prostitutes, especially teenage virgins. Later Bailey said, “I felt like a voice in the wilderness. Paul Volcker was head of the Fed. Bank of Credit and Commerce International. Most of it was never recovered. They assured the Federal Reserve, which has authority over federal banks, that they were investing their personal funds supplemented by money borrowed from banks not related to BCCI. Abedi would do whatever it would take to get the support of these influential people. Soon, the popular media were filled with tales of drug-money laundering, bankrolling of Middle East terrorists, underwriting of Saddam Hussein's quest for a nuclear bomb, etc.

It was involved in a multiplicity of activities e.g. BCCI was, in effect, a huge Ponzi scheme. This preview shows page 1 - 3 out of 6 pages. The only protest came from Sidney Bailey, Virginia commissioner of financial institutions. It was a deliberate set up of sophisticated international bankers with multiplying layers of entities, related to one another through an impenetrable series of holding companies, affiliates, subsidiaries, banks-within-banks, insider …

When the last of the Red Army troops pulled out of Kabul in February 1989, the massive British-devised and American-led covert action program in support of the Afghan mujahideen began to wind down. BCCI’s American front men sought government permission to acquire First American. Bank of Credit & Commerce International (BCCI) in July 1991. This was a former Swiss subsidiary of the corrupt Banco Ambrosiano (“the Vatican bank”), which collapsed in 1982 after looting customers’ accounts of more than $1 billion. Former Senate investigator Jack Blum summed up the BCCI case in 1991 testimony before a congressional committee: "This bank was a product of the Afghan War and people very close to the mujahideen have said that many Pakistani military officials who were deeply involved in assisting and supporting the Afghan rebel movement were stealing our foreign assistance money and using BCCI to hide the money they stole; to market American weapons that were to be delivered that they stole; and to market and manage funds that came from the selling of heroin that was apparently engineered by one of the mujahideen groups.". BCCI was linked to some of the Persian Gulf's wealthiest sheiks, and was described as a secret slush fund for the Central Intelligence Agency. Unlike any ordinary bank, BCCI was from its earliest days made up of multiplying layers of entities, related to one another through an impenetrable series of holding companies, affiliates, subsidiaries, banks-within-banks, insider dealings and nominee relationships. ANALYSIS OF BCCI CRIMINALITY CASE STUDY Summary of the case study The Bank of Credit and Commerce International (BCCI) was established in 1972 by Agha Hasan Abedi. The loans of the Arab backers were written off the books or paid on paper by moving money among offshore banks. By fracturing The CIA used BCCI branches in Islamabad and elsewhere in Pakistan to funnel some of the $2 billion that Washington sent to Osama bin Laden’s mujahadeen to help fight the Soviets in Afghanistan. While serving as BCCI's "man in Switzerland," Hartmann was always operating on behalf of the Rothschild family. The Bank of Credit and Commerce International (BCCI) was a useful tool for many powerful clients, ranging from the CIA and the Medellín cartel to Osama bin Laden, al-Qaeda, and influential figures in both the Republican and Democratic parties of the USA. In 1988 and 1989, the Bank of England learned of BCCI’s involvement in the financing of terrorism and in drug money laundering. It was set up in 1972 with financial backing from Abu Dhabi, where the ruling family, headed by the late Sheikh Zayed, was said to have a very close relationship with the BCCI. Hartmann eventually became chief financial officer for BCC Holding, and was the person most accountable for the "lost" $23 billion. Soon, the popular media were filled with tales of drug-money laundering, bankrolling of Middle East terrorists, underwriting of Saddam Hussein's quest for a nuclear bomb, etc. Soon afterwards, the District Attorney of Manhattan, Robert Morgenthau, handed down criminal indictments against top officials of the bank. Investors – these provided funds that were used to repay other previous loans when, they fell due. Institute of Business Administration, Karachi (Main Campus), Technological Institute of the Philippines, Case of- Bank of credit and commerce international.pdf, Institute of Business Administration, Karachi (Main Campus) • ACC MISC, Technological Institute of the Philippines • ECON 101, Block (Ed.) BCCI lost its. Course Hero is not sponsored or endorsed by any college or university. Hardly any mention was made of the fact that BCCI was in the middle of the Afghan effort—serving as the de facto central bank for a multibillion-dollar Golden Crescent illegal arms-for-drugs trade that mushroomed during 1979-90. The Arabs’ interest in the bank was more than financial.

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