Word: noriega
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...vivid page from a worldwide scandal that began with B.C.C.I.'s indictment in 1988 for money laundering. Investigators now view B.C.C.I. as the largest criminal corporate enterprise in modern history, a secret banking network that served drug smugglers, tax evaders, arms dealers and rapacious tyrants, including Panama's Manuel Noriega. Four grand juries are probing the bank, while investigators from the New York district attorney's office, Congress and the Department of Justice are grappling with mountains of seized records. Most prominent among those embroiled in the scandal is former Defense Secretary Clark Clifford. He is chairman of the largest...
Gelb also labeled Bush's pre-war Middle-East policy as "indifferent and ignorant," saying that in allowing for the build-up of the Iraqi military capability, the administration repeated the policy errors that led to the rise of Manuel Noriega in Panama...
...invisible as possible. His tangle of offshore corporations, banks, trusts and foundations is one of the most complex and secretive banking networks ever developed. As a result, his market includes tax avoiders, intelligence agencies, political bribers, arms dealers, narcotics traffickers and national leaders bent on looting their countries (Manuel Noriega was a customer). Former B.C.C.I. bankers estimate that 15% to 20% of B.C.C.I.'s multibillion-dollar cash flow involved flight capital -- "unofficial money," as they prefer to call...
BUSINESS: Deceit pervaded an audacious global bank that touched Jimmy Carter and Manuel Noriega, among others...
Other evidence would have proved equally explosive. An executive named Amjad Awan, who managed the bank's Panama office and was Noriega's personal banker, described the extent of B.C.C.I.'s empire in a recorded conversation with an undercover agent. "We own a bank in Washington," Awan told the agent. "It's called the First American Bank. There are six banks bought out by B.C.C.I. about eight years ago. B.C.C.I. was acting as adviser to them, but the truth of the matter is that the bank belongs to B.C.C.I. Those guys are just nominee shareholders...