Oil-for-Food: BNP Paribas has problems
By Andrew Cochran
As brave Iraqis make the transition to democracy, investigators continue to pursue the $20+ billion that Saddam Hussein stole from them through the U.N. Oil-for-Food program. Here is one unclassified summary prepared by a congressional committee of the deficiencies in meeting Patriot Act and Bank Secrecy Act requirements at BNP Paribas, the French-based bank that managed the OFF funds, covering the period from November 2001 through July 2004. For instance, in July 2003, regulators found numerous discrepancies in the OFF files. In February 2004, a banking industry group that reviewed BNP's files reported to BNP management that its program to prevent money laundering was "inadequate," and record keeping and reporting were "weak." There is more, MUCH more, on the way from prosecutors and congressional committees.
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