BCCI Investigation: involved in fraud, drug money laundering and support of international terrorism

OCTOBER 25, 1991

BCCI Investigation
The subcommittee, chaired by Senator Kerry (D-MA), met on Friday to conduct the fourth of a series of hearings to investigate the Bank of Credit and Commerce International (BCCI). The Federal Reserve alleges that the now closed Luxembourg-based bank, acting through Middle-Eastern front men, secretly purchased First American, The National Bank of Georgia, and other U.S. banks. The subcommittee is investigating those allegations, along with accusations that BCCI was involved in fraud, drug money laundering and the support of international terrorism. BCCI, its Pakistani founder and its former chief executive officer were indicted this summer by a New York grand jury for alleged fraud and for charges of stealing more than $30 million from depositors. On Friday, the committee reconvened to hear testimony by Richard Kerr, acting director of the Central Intelligence Agency, CIA and State Department officials. The testimony focused on the CIA’s possible involvement in BCCI’s controversial activities. https://www.c-span.org/video/?22300-1...