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BCCI Bank Fraud Investigation CIA Knowledge

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Published on Sep 29, 2015

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AUGUST 1, 1991
BCCI Investigation, CIA Knowledge
The subcommittee heard testimony on the Bank of Credit and Commerce International, whose assets have been seized in eight countries following revelations that the bank handled the finances of known terrorists and drug smugglers. BCCI was indicted on July 29 in New York for fraud, theft and money laundering. In addition, the Federal Reserve Board proposed levying a $200 million fine against the bank, and prohibited nine participants in the bank’s schemes from banking in the U.S. On July 5, the Bank of England succeeded in obtaining the seizure of BCCI’s British holdings; however, charges have been made that the British government knew of the questionable financing of the bank and did nothing about it. Witnesses testified on whether the CIA knew of BCCI’s illicit control of several small U.S. banks, and on the effect of BCCI’s seizure on international trade and finance.

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