Home > Banking, Corruption, Government, Money Laundering, Uncategorized > BCCI Affair: The Last Word

BCCI Affair: The Last Word

Over the last several posts, GreyEconomy, has recounted the BCCI scandal of the 1980s and early 1990s. We utilized the Kerry/Brown Report as a guide into the highly complicated fraud that was BCCI. Even to this day, regulators, law makers and the business community is not fully aware of the full extent and reach of BCCI’s fraud.

BCCI crimes included: money laundering, bribery, support of terrorism and arms trafficking, support of Cartel death squads, prostitution, and intimidation of witnesses.

Even with this nefarious character BCCI was able to infiltrate the highest rungs of society all over the world.

As a parting word, Kerry and Brown leave us with these ominous thoughts:

Many of the specific criminal transactions engaged in by BCCI’s customers remain hidden from investigation as the result of bank secrecy laws in many jurisdictions, British national security laws, and the holding of key witnesses and documents by the Government of Abu Dhabi. Documents pertaining to BCCI’s use to finance terrorism, to assist the builders of a Pakistani nuclear bomb, to finance Iranian arms deals, and related matters have been sealed in the United Kingdom by British intelligence and remain unavailable to U.S. investigators. Many other basic matters pertaining to BCCI’s criminality, including any list that may exist of BCCI’s political payoffs and bribes, remain sequestered in Abu Dhabi and unavailable to U.S. investigators.

Many investigative leads remain to be explored, but cannot be answered with devoting substantial additional sources that to date no agency of government has been in a position to provide.

Unanswered questions include, but are not limited to, the relationship between BCCI and the Banco Nazionale del Lavoro; the alleged relationship between the late CIA director William Casey and BCCI; the extent of BCCI’s involvement in Pakistan’s nuclear program; BCCI’s manipulation of commodities and securities markets in Europe and Canada; BCCI’s activities in India, including its relationship with the business empire of the Hinduja family; BCCI’s relationships with convicted Iraqi arms dealer Sarkis Sarkenalian, Syrian drug trafficker, terrorist, and arms trafficker Monzer Al-Kassar, and other major arms dealers; the use of BCCI by central figures in the alleged “October Surprise,” BCCI’s activities with the Central Bank of Syria and with the Foreign Trade Mission of the Soviet Union in London; its involvement with foreign intelligence agencies; the financial dealingst of BCCI directors with Charles Keating and several Keating affiliates and front-companies, including the possibility that BCCI related entities may have laundered funds for Keating to move them outside the United States; BCCI’s financing of commodities and other business dealings of international criminal financier Marc Rich; the nature, extent and meaning of the ownership of other major U.S. financial institutions by Middle Eastern political figures; the nature, extent, and meaning of real estate and financial investments in the United States by major shareholders of BCCI; the sale of BCCI affiliate Banque de Commerce et Placement in Geneva, to the Cukorova Group of Turkey, which owned an entity involved in the BNL Iraqi arms sales, among others.

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