Money Laundering and Technology Sales to Iraq
The committee heard testimony on a bank in Georgia that lent billions of dollars to Iraq, which then bought military technology with the mon… read more
The committee heard testimony on a bank in Georgia that lent billions of dollars to Iraq, which then bought military technology with the money. Ten defendants, including three former employees of the bank, were charged with mail and wire fraud by the Justice Department in February, and three other former employees pleaded guilty in March for conspiracy to commit fraud. The hearing attempted to investigate why federal regulatory agencies either did not know about or did not investigate the bank’s loans to Iraq. Mr. Newcomb discussed the policies of the U.S. Treasury undertaken to freeze the assets of Iraq and Kuwait following the Iraqi invasion of Kuwait in August 1990 and said that there was little knowledge in the U.S. government about what Iraq had been doing with its loans before the invasion. Mr. Bryen said the current system of export controls was a “shambles,” and claimed that highly advanced military technology was able to be exported from the U.S. without export licenses close
People in this video
- A. Robert Abboud Chair U.S.-Iraq Business Forum
- Seth Carus Senior Fellow Washington Institute for Near East Policy
- Jerry Kowalsky President The New Republic
- Ken Moore Engineer
- Beurt SerVaas President The New Republic
- Marshall Wiley President U.S.-Iraq Business Forum
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