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Context of 'Early 1986: NSC Uses BCCI to Illegally Divert US Government Funds to Contras'

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Assistant Secretary of State Elliott Abrams (see April 19, 1985 and After) joins the National Security Council (NSC)‘s Oliver North and the CIA’s Central American Task Force chief Alan Fiers as the principal members of a Restricted Interagency Group (RIG) which works on Central American affairs for the Reagan administration. Abrams, a staunch supporter of Nicaragua’s Contras, becomes aware of North’s machinations to divert US funds to the Contras (see December 6, 1985 and April 4, 1986) in spite of Congress’s prohibition on such funding (see October 10, 1984). Abrams will also become directly involved in secret, illegal efforts to secure funding for the Contras from other nations (see June 11, 1986). [Final Report of the Independent Counsel for Iran/Contra Matters: Chapter 25: United States v. Elliott Abrams: November 1986, 8/4/1993]

Entity Tags: Restricted Interagency Group, Contras, Oliver North, Elliott Abrams, Alan Fiers

Timeline Tags: Iran-Contra Affair

Months before the National Security Council (NSC)‘s Oliver North sets up his network to illegally divert funds from Iranian arms sales to the Nicaraguan Contras (see December 6, 1985 and April 4, 1986), the NSC uses the Bank of Credit and Commerce International (BCCI—see July 22, 1991) to channel money to the Contras. This money is sent from White House-controlled funds to Saudi Arabia to “launder” its origins, then deposited into a BCCI bank account controlled by Contra leader Adolfo Calero. [Time, 7/22/1991]

Entity Tags: Reagan administration, Adolfo Calero, Bank of Credit and Commerce International, Oliver North, National Security Council, Contras

Timeline Tags: Iran-Contra Affair

According to investigators working with Iran-Contra special prosecutor Lawrence Walsh (see December 19, 1986), the Iran-Contra affair is closely linked to the burgeoning scandal surrounding the Bank of Credit and Commerce International (BCCI—see 1976, 1978-1982, 1981-1991, 1981-1983, 1984-1986, January 1985, December 12, 1985, February 1988-December 1992, March 1991-December 1992, and July 5, 1991.) Former government officials add that the CIA kept secret funds hidden in BCCI accounts, and used the monies to fund covert operations in Nicaragua and elsewhere. Investigators confirm that a US defense intelligence organization used BCCI to maintain a secret “slush fund” for financing covert operations. And, months before National Security Council (NSC) official Oliver North set up his network for diverting funds to the Contras (see December 6, 1985 and April 4, 1986), the NSC used BCCI to divert funds to the Contras (see Early 1986). [Time, 7/22/1991]

Entity Tags: Central Intelligence Agency, Bank of Credit and Commerce International, Oliver North, National Security Council, Lawrence E. Walsh, Contras

Timeline Tags: Iran-Contra Affair

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