Following a standard pattern, Justice Department officials and the various divisions including the FBI, and other government agencies, kept the lid on the worldwide criminal activities of the bank. It wasn't until law enforcement agencies in Europe and a state prosecutor in New York City prepared to file charges that the bank's corrupt operations were shut down in the United States. By that time billions of dollars were lost by thousands of depositors all over the world.
BCCI was a private bank operating in over seventy countries, including the United States. At one time BCCI had over 400 branches in 78 countries, and assets of over $20 billion. Its holding company was based in Luxembourg and its principal operation in London. The primary bank supervisor for BCCI was Luxembourg Monetary Institute, the central bank of Luxembourg.
The BCCI scandal was related to other criminal activities, including BNL; Iraqgate; Iran and its Contra cousin; and others. BCCI and BNL both played a role in the Iraqi armament buildup, in which funds provided by U.S. taxpayers were forwarded by the Atlanta branch of Italy's Banca Nazionale del Lavoro. There were numerous cross-dealings between the banks. BCCI used its international connections to fund loans to BNL, which funded the Iraqi weapon buildups, which then required the U.S. taxpayer to fund much of the Persian Gulf War.
373) The Abu Nidal terrorist group and others obtained funds through BCCI, which helped to bring about the Pan Am 103 tragedy and others.
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