International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
World's Worst Bank<strong>in</strong>g Scandal<br />
• The world's worst bank<strong>in</strong>g scandal, of Bank of Credit<br />
and Commerce <strong>International</strong> (BCCI) <strong>in</strong>flict<strong>in</strong>g huge<br />
f<strong>in</strong>ancial losses on thousands of people worldwide,<br />
surfaced <strong>in</strong> <strong>the</strong> media <strong>in</strong> 1991.<br />
• It had heavy ties with <strong>the</strong> CIA, terrorist organizations,<br />
drug traffickers, & o<strong>the</strong>r crooked f<strong>in</strong>ancial transactions<br />
shunned by most o<strong>the</strong>r banks.<br />
• BCCI started operations <strong>in</strong> Pakistan <strong>in</strong> 1972, with<br />
much of fund<strong>in</strong>g provided by Bank of America & CIA.<br />
• CIA knew about BCCI's activities, & found its m<strong>in</strong>dset<br />
to be very manipulat<strong>in</strong>g and planned its own<br />
operations through BCCI.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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