Read e-book online The Organized Criminal Activities of the Bank of Credit and PDF

By Alan A. Block (auth.), Alan A. Block (eds.)

The financial institution of credits and trade foreign (BCCI), which perpetrated the "biggest financial institution fraud in history", used to be based via Agha Hassan Abedi and in the beginning registered in Luxembourg in 1972. Its different middle of operations was once the Cayman Islands and at last it operated in seventy three counries. in the summertime of 1991, it used to be shuttered by means of the financial institution of britain. Its many crimes integrated illegally purchasing American banks utilizing "straw males" and relationship robust American politicos, laundering drug earnings, plundering deposits to hide ugly losses on treasury buying and selling, and making illicit loans totaling round one thousand million cash that weren't anticipated to be serviced. BCCI additionally ran money owed for either foreign terrorists and several other nationwide Intelligence prone. What follows during this ebook are essays facing definite features of BCCI's misbehaviour and numerous atypical buildings, in addition to a most vital rfile from Luxembourg's Civil court docket, detailing fees opposed to BCCI's auditor, rate Waterhouse accordingly PricewaterhouseCoopers.
Readership: complex scholars, researchers, lawyers and accountants attracted to transnational monetary crime.

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Extra resources for The Organized Criminal Activities of the Bank of Credit and Commerce International: Essays and Documentation: In memoriam David Whitby

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Price Waterhouse acknowledged its duty to report such violations to local regulators, but it repeatedly breached that duty. 28. During the mid 1980s, Bccr became involved in extensive money laundering, for such individuals as Panamanian dictator Manuel Noriega, for whom BeCI laundered over $20 million. Between 1988 and 1991, BCCI was indicted three times in the United States for money laundering and related offenses. " These indictments caused BeCI to acquire a well-deserved reputation in the United States as a vast criminal enterprise.

Price Waterhouse fraudulently concealed and assisted BCCrs acquisition of an illegal ownership and controlling stock interest in First American 3. C. area, with assets of approximately $11 billion. V. ("CCAH"), a Netherlands Antilles bank holding company that was First American's ultimate corporate parent. To conceal its illegal ownership interest in First American, BCCI fraudulently booked that interest as a series of phony loans to record shareholders of CCAH. BCCl's Illegal ownership of controlling stock interest in First American through CCAH violated United States banking law.

Price Waterhouse bean concealing the extent of the trading losses no later than its fraudulent certification of BCCI (Overseas)'s 1984 accounts. Price Waterhouse knew that these accounts concealed Bcel (Overseas)'s use of an improper options accounting policy; its manipulative year-end trading, which was designed to inflate stated profits by over 100 per cent; and the existence of a $75 million liability 011 BeCI (Overseas)'s open options positions. 17. In January 1986, Price Waterhouse was retained to prepare a Special Report for the IML about the trading operations of BeCI (Overseas).

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