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1994-05-02
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<text>
<title>
Commentary of Impact on BCCI Scandal
</title>
<article>
<hdr>
Foreign Broadcast Information Service, July 30, 1991
International Affairs: Commentary on Impact of BCCI Scandal in
Asia
</hdr>
<body>
<p>[By Fasant Georgiyev Moscow, Radio Moscow World Service in
English, 2210 GMT, 25 Jul 91].
</p>
<p> The scandal involving the Bank of Credit and Commerce
International (BCCI) has also affected the Asian Countries.
</p>
<p> First of all the scandal has harmed the interests of Asian
depositors, since the bank had branches in many Asian
countries. In some, activities of the branches have been now
suspended. Pakistan and several other South Asian countries are
even considering giving local banks control of the branches.
Sri Lanka has already done so. The Asian countries have
expressed special concern about the bank's complicity in
financing subversive operations, terrorism, illegal arms trade,
(?elite) drug trafficking and gold smuggling. All these were
widespread in Asia, most drug smuggling from Southeast Asia to
Europe goes through India and Pakistan. India has also become
a big market for gold smuggling, and illegal arms trade, even
in heavy weapons, flourishes at the Pakistani regions bordering
on Afghanistan where Afghani refugees and the mojahedin armed
forces have settled.
</p>
<p> The extent of the BCCI involvement is a matter for further
investigation, but one thing is clear, the bank had close
contacts with intelligence services of the United States and
other Western countries. These services had uncontrolled
accounts in the bank valued in many millions. According to TIME
magazine the bank was the connecting link between the special
services and the Afghani opposition during the Afghan crisis. It
had its headquarters in Pakistan at the time and it was in that
period, according to the magazine, that the bank quickly
extended its illegal activities.
</p>
<p> So the Mystery of the Bank of Credit and Commerce
International has far more serious consequences for the Asian
countries than mere financial losses.
</p>
</body>
</article>
</text>