Word: bcci
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...BCCI denies any pervasive corruption. U.S. Customs officials, though, say the bank laundered $14 million in narcotics funds for its undercover agents and considerably more for real criminals. They allege that BCCI was a greenback laundry for the Medellin cartel, the ruthless Colombian mob controlled in part by Pablo Escobar Gaviria and Jorge Luis Ochoa Vasquez that supplies most of the cocaine entering...
...accused launderers knew their business well, authorities say. By rapidly shuffling ill-gotten cash through a kaleidoscopic array of banks and shell corporations around the world, BCCI allegedly obscured the source of the money, then returned untraceable, "clean" funds to narcotics kingpins. Said a senior U.S. Customs official: "It has given us a window into the world of international money laundering like nothing we've had before...
...fastest growing banks in Britain, BCCI has assets of more than $2 billion, much of it from Kuwait, Abu Dhabi and Dubai. The bank was founded in 1972 by innovative, hard-driving Agha Hasan Abedi, who left his native Pakistan five years ago, when the government nationalized banking. It was Abedi who got Lance together with Ghaith...
Lance has had several lengthy meetings with Abedi in recent months, and there have been persistent reports that Lance may join BCCI as a high officer. According to British bankers, Lance, Abedi and Pharaon have talked about creating a company that would be connected with BCCI and aimed primarily at channeling funds from the Middle East into investments in U.S. securities and real estate...
...uncertain whether Lance may also hold an executive position with Financial General if it is taken over by BCCI. The Securities and Exchange Commission is still examining Lance's management of the National Bank of Georgia and the Calhoun National Bank; among other things, he and his family ran up large and persistent overdrafts while he was the boss of Calhoun. Lance shrugs off rumors that the SEC is debating whether to bar him at least temporarily from holding a management post with a U.S. bank...