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BankofCreditandCommerceInternational
FromWikipedia,thefreeencyclopedia

TheBankofCreditandCommerceInternational
(BCCI)wasaninternationalbankfoundedin1972by
AghaHasanAbedi,aPakistanifinancier.[1]TheBank
wasregisteredinLuxembourgwithheadofficesin
KarachiandLondon.Adecadeafteropening,BCCIhad
over400branchesin78countries,andassetsinexcessof
US$20billion,makingitthe7thlargestprivatebankin
theworld.[2][3]
BCCIcameunderthescrutinyofnumerousfinancial
regulatorsandintelligenceagenciesinthe1980sdueto
concernsthatitwaspoorlyregulated.Subsequent
investigationsrevealedthatitwasinvolvedinmassive
moneylaunderingandotherfinancialcrimes,and
illegallygainedthecontrollinginterestinamajor
Americanbank.BCCIbecamethefocusofamassive
regulatorybattlein1991,and,on5Julyofthatyear,
customsandbankregulatorsinsevencountriesraided
andlockeddownrecordsofitsbranchoffices.[4]

BankofCreditandCommerce
International

Formertype

Private

Industry

Banking

Fate

Liquidation/Forcedclosure

Founded

1972

Founder

AghaHasanAbedi

Defunct

1991

InvestigatorsintheUSandtheUKrevealedthatBCCI
London(incorporatedin
Headquarters
hadbeen"setupdeliberatelytoavoidcentralized
Luxembourg)
regulatoryreview,andoperatedextensivelyinbank
secrecyjurisdictions.Itsaffairswereextraordinarily
Numberof
approx.30,000
employees
complex.Itsofficersweresophisticatedinternational
bankerswhoseapparentobjectivewastokeeptheir
affairssecret,tocommitfraudonamassivescale,andtoavoiddetection."[5]
Theliquidators,Deloitte&Touche,filedalawsuitagainstthebank'sauditors,PriceWaterhouseandErnst
&Young,whichwassettledfor$175millionin1998.By2013,Deloitte&Toucheclaimedtohave
recoveredabout75%ofthecreditors'lostmoney.[6]

Contents
1 History
2 Lendingpractices
3 Moneylaundering
4 Investigationsbegin
5 TheSandstormreport
6 ForcedclosureofBCCI
7 Americaninquiriesandlegalactions
8 Britishinquiryandlitigation
9 Litigationelsewhere
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9 Litigationelsewhere
10 Formerdirectors
11 LegalcasesinvolvingBCCI
12 Seealso
13 Notes
14 References
15 Externallinks

History
BCCI'sfounder,AghaHasanAbedi,startedthebankin1972.Abedi,aprolificbanker,hadpreviouslyset
uptheUnitedBankofPakistanin1959.PrecedingthenationalizationofUnitedBankin1974hesoughtto
createanewsupranationalbankingentity.AbediwassucceededbySwalehNaqviasthebank'schiefwho,
intheaftermathfollowingcontroversyoverBCCI,wasreplacedbyZafarIqbalChaudhryinthelate1990s.
BCCIwascreatedwithcapitalfromSheikhZayedbinSultanAlNahyan,therulerofAbuDhabiinthe
UnitedArabEmirates(75%)andBankofAmerica(25%).
BCCIexpandedrapidlyinthe1970s,pursuinglongtermassetgrowthoverprofits,seekinghighnetworth
individualsandregularlargedeposits.ThecompanyitselfdividedintoBCCIHoldingswiththebankunder
thatsplittingintoBCCISA(Luxembourg)andBCCIOverseas(GrandCayman).BCCIalsoacquired
parallelbanksthroughacquisitions:buyingtheBanquedeCommerceetPlacements(BCP)ofGenevain
1976,andcreatingKIFCO(KuwaitInternationalFinanceCompany),Credit&FinanceCorporationLtd,
andaseriesofCaymanbasedcompaniesheldtogetherasICIC(InternationalCreditandInvestment
CompanyOverseas,InternationalCreditandCommerce[Overseas],etc.).Overall,BCCIexpandedfrom19
branchesinfivecountriesin1973to27branchesin1974,to108branchesin1976,withassetsgrowing
from$200millionto$1.6billion.Thisgrowthcausedextensiveunderlyingcapitalproblems.TheGuardian
allegedthatBCCIwasusingcashfromdepositstofundoperatingexpenses,ratherthanmaking
investments.InvestigativejournalistandauthorJosephJ.Trentohasarguedthatthebank'stransformation
wasguidedbytheheadofSaudiintelligencewithaviewtoenablingittofinancecovertintelligence
operationsatatime,intheaftermathofWatergate,whentheAmericanintelligenceagencieswere
defendingthemselvesfrominvestigationsbydomesticauthorities.[7]
BCCIenteredtheAfricanmarketsin1979,andAsiaintheearly1980s.BCCIwasamongthefirstforeign
banksawardedalicensetooperateintheChineseSpecialEconomicZoneofShenzhenwhichbore
testamenttoAghaHasanAbedi'spublicrelationsskills,afeatthathadyettobeachievedbythelikesof
CiticorpandJPMorgan.SomeofChina'slargeststatebanksweredepositorsinBCCI'sShenzhenbranch.
Therewasrigidcompartmentalizationthe248managersandgeneralmanagersreporteddirectlytoAbedi
andtheCEOSwalehNaqvi.Itwasstructuredinsuchawaythatnosinglecountryhadoverallregulatory
supervisionoveritsoasnottohinderpotentialgrowthandexpansionopportunities.Itstwoholding
companieswerebasedinLuxembourgandtheCaymanIslandstwojurisdictionswherebanking
regulationwasnotoriouslyweak.Itwasalsonotregulatedbyacountrythathadacentralbank.Onseveral
occasions,theOfficeoftheComptrolleroftheCurrencytoldtheFederalReserveinnouncertaintermsthat
BCCImustnotbeallowedtobuyanyAmericanbankbecauseitwaspoorlyregulated.

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By1980,BCCIwasreportedtohaveassetsofover$4billionwithover150branchesin46countries.Bank
ofAmericawas"bewildered"[8]byBCCIandreduceditsholdingin1980,andthecompanycametobe
heldbyanumberofgroups,withICICowning70%.By1989,ICIC'sshareholdingwasreducedto11%
withAbuDhabigroupsholdingalmost40%.However,largenumbersofshareswereheldbyBCCI
nominees.ItwasverycommonforMiddleEasternelitestousenomineestoholdtheirstock,astheydidnot
wantthepublictoknowthedetailsoftheirholdings.
In1982,15MiddleEasterninvestorsboughtFinancialGeneralBankshares,alargebankholdingcompany
headquarteredinWashington,D.C.AlltheinvestorswereBCCIclients,buttheFedreceivedassurances
thatBCCIwouldbeinnowayinvolvedinthemanagementofthecompany,whichwasrenamedFirst
AmericanBankshares.Toalleviateregulators'concerns,ClarkClifford,anadvisertofivepresidents,was
namedFirstAmerican'schairman.Cliffordheadedaboardcomposedofhimselfandseveralother
distinguishedAmericancitizens,includingformerUnitedStatesSenatorStuartSymington.Intruth,BCCI
hadbeeninvolvedinthepurchaseofFGB/FirstAmericanfromthebeginning.Abedihadbeenapproached
aboutbuyingitasearlyas1977,butbythistimeBCCI'sreputationintheUnitedStateswassopoorthatit
couldnothopetobuyanAmericanbankonitsown(asmentionedabove,theOCCwasadamantlyopposed
toBCCIbeingallowedtobuyitswayintotheAmericanbankingindustry).Rather,itusedtheFirst
Americaninvestorsasnominees.Moreover,Clifford'slawfirmwasretainedasgeneralcounsel,andalso
handledmostofBCCI'sAmericanlegalwork.BCCIwasalsoheavilyinvolvedinFirstAmericanpersonnel
matters.TherelationshipbetweenthetwowassoclosethatrumorsspreadBCCIwastherealownerofFirst
American.
BCCIhadanunusualannualauditingsystem:PriceWaterhouseweretheaccountantsforBCCIOverseas,
whileErnst&YoungauditedBCCIandBCCIHoldings(LondonandLuxembourg).Othercompaniessuch
asKIFCOandICICwereauditedbyneither.InOctober1985,theBankofEnglandandtheInstitut
MontaireLuxembourgeois(Luxembourg'sbankregulator)orderedBCCItochangetoasingleaccountant,
alarmedatreportedBCCIlossesonthecommoditiesandfinancialmarkets.PriceWaterhousebecamethe
soleaccountantsin1987.
In1990,aPriceWaterhouseauditofBCCIrevealedanunaccountablelossofhundredsofmillionsof
dollars.ThebankapproachedSheikhZayedbinSultanAlNahyan,whomadegoodthelossinexchangefor
anincreasedshareholdingof78%.MuchofBCCI'sdocumentationwasalsothentransferredtoAbuDhabi.
Theauditalsorevealednumerousirregularities.Mostseriously,BCCIhadmadeastaggering$1.48billion
worthofloanstoitsownshareholders,whousedBCCIstockascollateral.
TheauditalsoconfirmedwhatmanyAmericanswhowatchedBCCIlongsuspectedthatBCCIsecretly
(andillegally)ownedFirstAmerican.WhentheFedclearedthegroupofArabinvestorstobuyFirst
American,itdidsoonconditionthattheysupplementtheirpersonalfundswithmoneyborrowedfrom
bankswithnoconnectiontoBCCI.Contrarytothatagreement,severalstockholdershadborrowedheavily
fromBCCI.Evenmoreseriously,theypledgedtheirFirstAmericanstockascollateral.Whentheydidn't
makeinterestpayments,BCCItookcontroloftheshares.Itwaslaterestimatedthatinthismanner,BCCI
hadendedupwith60percentormoreofFirstAmerican'sstock.
Despitetheseproblems,PriceWaterhousesignedBCCI's1989annualreport,largelyduetoZayed'sfirm
commitmenttoproppingupthebank.

Lendingpractices
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BCCIcontendedthatitsgrowthwasfueledbytheincreasinglylargenumberofdepositsbyoilrichstates
whoownedstockinthebankaswellasbysovereigndevelopingnations.However,thisclaimfailedto
mollifytheregulators.Forexample,theBankofEnglandorderedBCCItocapitsbranchnetworkinthe
UnitedKingdomat45branches.[9]
TherewasparticularconcernoverBCCI'sloanportfoliobecauseofitsrootsinareaswheremodernbanking
wasstillanalienconcept.Forinstance,alargenumberofitscustomersweredevoutMuslimswhobelieved
charginginterestonloansamajorpillarofmodernbankingwasriba,orusury.InmanyThirdWorld
countries,aperson'sfinancialstandingdidn'tmatterasmuchashisrelationshipwithhisbanker.One
particularlynotableexampleistheGokalfamily,aprominentfamilyofshippingmagnates.Theyhada
relationshipwithAbedidatingbacktohisdaysatUnitedBank.Abedipersonallyhandledtheirloans,with
littleregardfordetailssuchasloandocumentsorcreditworthiness.Atonepoint,BCCI'sloanstotheGokal
companieswereequivalenttoUS$1.5billion,threetimesthebank'scapital.Longstandingbankingpractice
dictatesthatabanknotlendmorethan10percentofitscapitaltoasinglecustomer.[9]

Moneylaundering
Inadditiontoviolationsoflendinglaws,BCCIwasalsoaccusedofopeningaccountsorlaunderingmoney
forfiguressuchasSaddamHussein,ManuelNoriega,HussainMohammadErshadandSamuelDoe,[9]and
forcriminalorganizationssuchastheMedellinCartelandAbuNidal.[10]
WilliamvonRaab,aformerU.S.CommissionerofCustoms,alsotoldtheKerryCommitteethattheU.S.
CentralIntelligenceAgencyheld"several"accountsatBCCI.Accordingtoa1991articleinTime
magazine,theNationalSecurityCouncilalsohadaccountsatBCCI,whichwereusedforavarietyofcovert
operations,includingtransfersofmoneyandweaponsforIranContra.[11]

Investigationsbegin
BCCIsdemisebeganin1986,whenaUSCustomsundercoveroperationledbySpecialAgentRobert
Mazurinfiltratedthebanksprivateclientdivisionanduncoveredtheiractiverolesolicitingdepositsfrom
drugtraffickersandmoneylaunderers.Thistwoyearundercoveroperationconcludedin1988withafake
weddingthatwasattendedbyBCCIofficersanddrugdealersfromaroundtheworldwhohadestablisheda
personalfriendshipandworkingrelationshipwithundercoveragentMazur.Atthesametimehewas
dealingundercoverwithBCCIexecutives,Mazurusedhisundercoveroperationtoestablisharelationship
withthehierarchyoftheMedellinCartelasoneoftheirsourcesforlaunderingdrugproceeds.
In1988,thebankwasimplicatedforbeingthecenterofamajormoneylaunderingscheme.Afterasix
monthtrial,BCCI,underimmensepressurefromUSauthorities,pleadedguiltyin1990,butonlyonthe
groundsofrespondeatsuperior.Whilefederalregulatorstooknoaction,FloridaregulatorsforcedBCCIto
pulloutofthestate.[9]

TheSandstormreport

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InMarch1991,theBankofEnglandaskedPriceWaterhousetocarryoutaninquiry.On24June1991,
usingthecodename"Sandstorm"forBCCI,PriceWaterhousesubmittedtheSandstormreportshowingthat
BCCIhadengagedin"widespreadfraudandmanipulation"thatmadeitdifficult,ifnotimpossible,to
reconstructBCCI'sfinancialhistory.
TheSandstormreport,partsofwhichwereleakedtoTheSundayTimes,includeddetailsofhowtheAbu
Nidalterroristgrouphadmanipulateddetailsandthroughusingfakeidentitieshadopenedaccountsat
BCCI'sSloaneStreetbranchinLondon.Britain'sinternalsecurityservice,MI5,hadsigneduptwosources
insidethebranchtohandovercopiesofalldocumentsrelatingtoAbuNidal'saccounts.Onesourcewasthe
Syrianbornbranchmanager,GhassanQassem,thesecondayoungBritishemployee.
TheAbuNidallinkmanfortheBCCIaccountswasamanbasedinIraqnamedSamirNajmeddinor
Najmedeen.Throughoutthe80s,BCCIhadsetupmillionsofdollarsworthoflettersofcreditfor
Najmeddin,largelyforarmsdealswithIraq.QassemlatersworeinanaffidavitthatNajmeddinwasoften
accompaniedbyanAmerican,whomQassemsubsequentlyidentifiedasthefinancierMarcRich.Richwas
laterindictedintheU.S.fortaxevasionandracketeeringinanapparentlyunrelatedcaseandfledthe
country.
QassemalsotoldreportersthathehadonceescortedAbuNidal,whowasallegedlyusingthenameShakir
Farhan,aroundtowntobuyatie,withoutrealizingwhohewas.Thisrevelationledin1991tooneofthe
LondonEveningStandard'sbestknownfrontpageheadlines:"ITookAbuNidalShopping."

ForcedclosureofBCCI
BCCIwasawaitingfinalapprovalforarestructuringplaninwhichitwouldhavereemergedasthe"Oasis
Bank".However,aftertheSandstormreport,regulatorsconcludedBCCIwassofraughtwithproblemsthat
ithadtobeseized.IthadalreadybeenorderedtoshutdownitsAmericanoperationsinMarchforitsillegal
controlofFirstAmerican.
On5July1991,regulatorspersuadedacourtinLuxembourgtoorderBCCIliquidatedonthegroundsthat
itwashopelesslyinsolvent.Accordingtothecourtorder,BCCIhadlostmorethanitsentirecapitaland
reservestheyearbefore.At1pmLondontimethatday(8aminNewYorkCity),regulatorsinfive
countriesmarchedintoBCCI'sofficesandshutthemdown.Aroundamilliondepositorswereimmediately
affectedbythisaction.
On7July1991,HongKongOfficeoftheCommissionerofBanking(forerunneroftheHongKong
MonetaryAuthority)orderedBCCItoshutdownitsbusinessinHongKongonthegroundsthatBCCIhad
problemloansandtheSheikhofAbuDhabi,themajorshareholderofBCCI,refusedtoprovidefundstothe
HongKongBCCI.HongKongBCCIwasliquidatedon17July1991.
In2002,DenisRobertandErnestBackes,formernumberthreeoffinancialclearinghouseClearstream,
discoveredthatBCCIhadcontinuedtomaintainitsactivitiesafteritsofficialclosure,withmicrofichesof
Clearstream'sillegalunpublishedaccounts.[12]
Afewweeksaftertheseizure,on29July,ManhattanDistrictAttorneyRobertMorgenthauannouncedthat
aManhattangrandjuryhadindictedBCCI,AbediandNaqviontwelvecountsoffraud,moneylaundering
andlarceny.Morgenthau,whohadbeeninvestigatingBCCIforovertwoyears,claimedjurisdiction
becausemillionsofdollarslaunderedbythebankflowedthroughManhattan.Also,Morgenthaucited
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BCCI'ssecretownershipofFirstAmerican,whichoperatedasubsidiaryinNewYorkCity.Morgenthau
saidthatallofBCCI'sdepositshadbeenfraudulentlycollectedbecausethebankmisleddepositorsaboutits
ownershipstructureandfinancialcondition.HedescribedBCCIas"thelargestbankfraudinworld
financialhistory."
On15November,BCCI,AbediandNaqviwereindictedonfederalchargesthatithadillegallybought
controlofanotherAmericanbank,IndependenceBankofLosAngeles,usingSaudibusinessmanGhaith
Pharaonasthepuppetowner.
Justamonthlater,BCCI'sliquidators(Deloitte,PWC)pleadedguiltytoallcriminalchargespending
againstthebankintheUnitedStates(boththoselodgedbythefederalgovernmentandbyMorgenthau),
clearingthewayforBCCI'sformalliquidationthatfall.BCCIpaid$10millioninfinesandforfeitedall
$550millionofitsAmericanassetsatthetime,thelargestsinglecriminalforfeitureeverobtainedby
federalprosecutors.ThemoneywasusedtorepaylossestoFirstAmericanandIndependenceandtomake
restitutiontoBCCI'sdepositors.Noneofthiswasenoughtorescuebothbanks,howeverIndependencewas
seizedlaterin1992,whileFirstAmericanwasforcedintoamergerwithFirstUnionin1993.
However,manyofthemajorplayersinthescandalhaveneverbeenbroughttotrialinAmericanorUK
courts.Abedi,forexample,diedin1995.HewasunderindictmentintheUnitedStatesandUKforcrimes
relatedtoBCCI,butPakistaniofficialsrefusedtogivehimupforextraditionbecausetheyfeltthecharges
werepoliticallymotivated.Evenwithoutthistoconsider,he'dbeeninpoorhealthsincesufferingastrokein
the1980s.Pharaonisstillafugitiveasof2011atlastreporthewasbelievedtobeinSyria.

Americaninquiriesandlegalactions
In1992,UnitedStatesSenatorsJohnKerryandHankBrownbecamethecoauthorsofareportonBCCI,
whichwasdeliveredtotheCommitteeonForeignRelations.TheBCCIscandalwasoneofanumberof
disastersthatinfluencedthinkingleadingtothePublicInterestDisclosureAct(PIDA)of1998.Thereport
foundthatCliffordandhislegal/businesspartnerRobertA.Altmanhadbeencloselyinvolvedwiththe
bankfrom1978,whentheywereintroducedtoBCCIbyBertLance,theformerdirectoroftheOfficeof
ManagementandBudget,to1991.Earlier,PharaonwasrevealedtohavebeenthepuppetownerofNational
BankofGeorgia,abankformerlyownedbyLancebeforebeingsoldbacktoFirstAmerican(ithad
previouslybeenanFGBsubsidiarybeforeLanceboughtit).CliffordandAltmantestifiedthattheyhad
neverobservedanysuspiciousactivity,andhadthemselvesbeendeceivedaboutBCCI'scontrolofFirst
American.However,thefederalgovernmentandMorgenthaucontendedthatthetwomenknew,orshould
haveknown,thatBCCIcontrolledFirstAmerican.
MorgenthauandthefederalgovernmentbroughtindictmentsagainstCliffordandAltman,butdidnot
pursueCliffordduetohisageanddeterioratinghealth(hediedin1998).Altmanwasindictedandtriedin
NewYork,thoughhewasultimatelyacquittedfollowingajuryfindingofnotguilty.Altmanlateraccepted
adefactolifetimebanfromanyroleinthebankingindustrytosettleacivilsuitbytheFed.

Britishinquiryandlitigation
TheBritishgovernmentsetupanindependentinquiry,chairedbyLordJusticeBingham,in1992.ItsHouse
ofCommonsPaper,InquiryintotheSupervisionoftheBankofCreditandCommerceInternational,was
publishedinOctoberofthatyear.Followingthereport,BCCIliquidatorsDeloitteTouchefiledsuitagainst
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theBankofEnglandfor850m,claimingthattheBankwasguiltyofmisfeasanceinpublicoffice.Thesuit
lasted12years.ItendedinNovember2005,whenDeloittewithdrewitsclaimsafterEngland'sHighCourt
ruledthatitwas"nolongerinthebestinterestsofcreditors"forthelitigationtocontinue.[13]Deloitte
eventuallypaidtheBankofEngland73mforitslegalcosts.Accordingtonewsreportsatthetime,itwas
themostexpensivecaseinBritishlegalhistory.[13]

Litigationelsewhere
Althoughmajorlitigationhasendedinthecase,suitsandlegalactionsrelatingtothebankwerestillbeing
broughtin2013,over20yearsafterthebank'sfailure.[14]

Formerdirectors
KhalidbinMahfouznonexecutivedirector.Mahfouzandhisbrothersowneda20%stakeinBCCI
between1986and1990.[15]
AlfredHartman
ShaikhMohammedIshaq

LegalcasesinvolvingBCCI
BankofCreditandCommerceInternationalSAvAboody[1992]4AllER955,precollapsecase,
lateroverturned,onthecriteriaforundueinfluenceifsomeoneispressuredintosigningamortgage
agreement
MahmudandMalikvBankofCreditandCommerceInternationalSA[1998]AC20,where
employeessuedthebankforbreachofmutualtrustandconfidencebycarryingonunlawfulactivities
andtherebytarnishingtheemployees'reputations.
BankofCreditandCommerceInternational(Overseas)LtdvAkindele[2000]EWCACiv502
(http://www.bailii.org/ew/cases/EWCA/Civ/2000/502.html)

Seealso
KamalAdham
TheInternational(2009film)

Notes
1.AdamsandFrantz,p.ix.
5.Kerry,John.TheBCCIAffair:AReporttothe
2.Kanas,Angelos,PURECONTAGIONEFFECTS
CommitteeonForeignRelations.Lulu.com.p.60.
ININTERNATIONALBANKING:THECASE
ISBN1105096858.
OFBCCI'SFAILURE,JournalofApplied
6.BCCIbankfraudbegetssilverlining13yearslater
Economics,Sunday,1May2005
(https://web.archive.org/web/20071120081018/http:/
3.SalaamKnowledgeBiographicaldataonAgha
/www.deloitte.com/dtt/case_study/0,1005,cid%253D
HasanAbediat
60139,00.html)attheWaybackMachine(archived
URL:http://www.salaam.co.uk/knowledge/biography/viewentry.php?
20November2007)
id=172
7.Trento,PreludetoTerror,99=105&370.
4.Trento,PreludetoTerror,370.
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8.Kerry,JohnHankBrown(December1992)."The
12."L'affaireBCCI".
OriginandEarlyYearsofBCCI".TheBCCI
13.Tait,Nikki(20060608)."Costssettlementbrings
Affair:AReporttotheCommitteeonForeign
toanendrecordbreakingBCCIlitigation12
Relations,UnitedStatesSenate.102dCongress2d
YEARACTION:[LONDON1STEDITION]".
SessionSenatePrint102140.pp.Chapter3.
FinancialTimes(London(UK),UnitedKingdom).
Archivedfromtheoriginalon30September2007.
p.4.ISSN03071766.
Retrieved20070928.
14.Pujol,Veronique(8November2013)."Comment
9.PeterTruell,LarryGurwin,FalseProfits.The
ressusciterlaBCCI?".PaperjamLuxembourg
InsideStoryofBCCI,theworldsmostcorrupt
(Paperjam.lu).Retrieved20131111.
financialEmpire,1992,Houghton,Mifflin
15.Kerry,JohnBrown,Hank(December1992).
Company,Boston,NewYork,ISBN0395623391
"BCCIintheUnitedStatesPartTwo:
10."WashingtonMonthly",4September2004,"Follow
Acquisition,Consolidation,andConsequences".
TheMoney",at
TheBCCIAffair,AReporttotheCommitteeon
URL:http://www.washingtonmonthly.com/features/2004/0409.sirota.html
ForeignRelations.UnitedStatesSenateCommittee
11.TIME,22July1991,IranContra:TheCoverUp
onForeignRelations.Retrieved20060626.
BeginstoCrack
(http://www.time.com/time/magazine/article/0,9171,
157496,00.html)

References
JamesRingAdams,DouglasFrantz:AFullServiceBank.London1991
DenisRobert,ErnestBackes:RvlationsArnesEditions,2001,ISBN2912485282
JeanCharlesBrisard,GuillaumeDasqui,BenLaden:LaVritinterdite.Gallimard,2002,ISBN2
070423778,S.166168.
"TheBCCIAffair",ReporttotheCommitteeonForeignRelations,UnitedStatesSenate
(https://fas.org/irp/congress/1992_rpt/bcci/),SenatorJohnKerryandSenatorHankBrown,1992,
102ndCongress2ndSessionSenatePrint102140(KerryReport).
RachelEhrenfeld,EvilMoney.EncountersalongtheMoneyTrail,1992,HarperBusiness,ISBN0
887305601).

Externallinks
AnalysisofBCCI(http://www.unwelcomeguests.net/712)bySanderHicks
BCCI(inliquidation)homepage(http://www.bcci.info/)Downon04Jan2015
BBCSummaryofCaseandAdministratorslawsuitagainstBankofEngland
(http://news.bbc.co.uk/1/hi/business/4399336.stm)
TheBCCIAffair,ReporttotheCommitteeonForeignRelationsStatesSenateheldatFAS
(https://fas.org/irp/congress/1992_rpt/bcci/)(AReporttotheCommitteeonForeignRelations
UnitedStatesSenatebySenatorJohnKerryandSenatorHankBrownDecember1992102d
Congress2dSessionSenatePrint102140)
Profile:BankofCreditandCommerceInternational(BCCI)
(http://www.cooperativeresearch.org/entity.jsp?entity=bank_of_credit_and_commerce_international)
www.cooperativeresearch.org
Retrievedfrom"https://en.wikipedia.org/w/index.php?
title=Bank_of_Credit_and_Commerce_International&oldid=711395317"
Categories: Banksestablishedin1972 Banksdisestablishedin1991 Accountingscandals
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Businessethicscases Corporatescandals Corporatecrime DefunctbanksofPakistan

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