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40 - EVENTS/INTELLIGENCE_SCANDALS/BNL Scandal.md
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@ -22,7 +22,7 @@ end: 1993-12-31
location: "Atlanta, Georgia"
---
The BNL scandal (Banca Nazionale del Lavoro scandal) grew from the discovery that the Atlanta, Georgia branch of [[Banca Nazionale del Lavoro]] - Italy's largest state-owned bank - had illegally extended approximately $5 billion in unauthorized loans to [[Iraq]] between 1985 and 1989. The loans were used by [[Saddam Hussein]]'s government to finance purchases of weapons, weapons components, and dual-use industrial equipment. The FBI discovered the scheme on August 4, 1989, when agents raided the Atlanta branch and seized documents showing undisclosed credit facilities to Iraqi state enterprises.[^1]
The BNL scandal (Banca Nazionale del Lavoro scandal) grew from the discovery that the [[Atlanta|Atlanta, Georgia]] branch of [[Banca Nazionale del Lavoro]] - Italy's largest state-owned bank - had illegally extended approximately $5 billion in unauthorized loans to [[Iraq]] between 1985 and 1989. The loans were used by [[Saddam Hussein]]'s government to finance purchases of weapons, weapons components, and dual-use industrial equipment. The FBI discovered the scheme on August 4, 1989, when agents raided the Atlanta branch and seized documents showing undisclosed credit facilities to Iraqi state enterprises.[^1]
### The Atlanta Loans