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BCCIBank of Credit and Commerce        International                  Shoaib Farooqi                      Tony Tran
Background Started in 1972 by Agha Hasan Abedi  and Sheikh Zayed bin Sultan al  Nahyan (UAE) Used by CIA to funnel $ to ...
Opportunity for Moral Hazard Financially motivated, but also  religiously motivated Government regulation Pakistans sta...
BCCI’s Financial Structure or:How I learned to stop probing and lovedecentralization Money laundering, bribery Catered t...
How to avoid Gov’t Regulation 101    # of managers, all over the world reported     directly to 1 person.    Holding com...
Where BCCI screw up BCCI wants to expand into US market  using “straws” Raises eyebrows Audited by Price Waterhouse and...
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Bcci

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Bcci

  1. 1. BCCIBank of Credit and Commerce International Shoaib Farooqi Tony Tran
  2. 2. Background Started in 1972 by Agha Hasan Abedi and Sheikh Zayed bin Sultan al Nahyan (UAE) Used by CIA to funnel $ to Afghanistan Helped Osama bin Laden, Saddam Hussein, even George W. Bush
  3. 3. Opportunity for Moral Hazard Financially motivated, but also religiously motivated Government regulation Pakistans state ◦ All banking nationalized Giant Ponzi Scheme
  4. 4. BCCI’s Financial Structure or:How I learned to stop probing and lovedecentralization Money laundering, bribery Catered to Saddam Hussein, Noriega, Columbian drug dealers Black market: ◦ Guns, and drugs, and sex slaves oh my! Assets of more than $20 Billion, making it the 7th largest private bank by assets
  5. 5. How to avoid Gov’t Regulation 101  # of managers, all over the world reported directly to 1 person.  Holding companies, off-shore banking, branches and subsidiaries in 70 countries  Accounting done longhand on paper ledgers written in Pakistani’s Urdu  Unusual Accounting system: PWC for foreign, and Ernest & Young for its 2 holdings at headquarters. Constant revision of financials  Frustrate investigators/auditors
  6. 6. Where BCCI screw up BCCI wants to expand into US market using “straws” Raises eyebrows Audited by Price Waterhouse and Ernst & Young BCCI shutdown after audits 75% of creditors reimbursed, but estimated $9.5-15 billion stolen

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