The largest bank robbery in history. The National Bank of Iraq became the Central Bank of Iraq in 1956. The courtyard is surrounded on all sides by offices separated by an interior glass curtain wall. Saddam Hussein was behind the world’s largest bank robbery, about $1 billion In March 2003, on several occasions beginning on March 18, the day before United States forces entered Baghdad, nearly US$1 billion was stolen from the Central Bank of Iraq. That was just one day before US troops rolled into Baghdad. The CBI shall also promote sustainable growth, employment and prosperity in Iraq". [9], The Constitution of Iraq states that the central bank is a financially and administratively independent institution, responsible before the Council of Representatives of Iraq. Stolen: Over $920 million, Considered the largest financial institution heist in history, this ambitious theft changed into allegedly ordered immediately with the aid of using Saddam Hussein himself simply days earlier than the American invasion. Iraq’s economic success was hampered before the war by numerous setbacks, including looting by Saddam Hussein, by his family, and by government officials. On 2 February 2012, Zaha Hadid joined Sinan Al Shabibi at a ceremony in London to sign the agreement between the Central Bank of Iraq and Zaha Hadid Architects for the design stages of the new CBI Headquarters building.[16]. The only way a robber could get in was through the front door. The CBI web site further states that the functions of the CBI in addition to the primary objectives mentioned above include: The objectives of the Central Bank of the Iraq are as follows: As of December 2009, the bank reported total assets valued at over 57 trillion dinars. The Central Bank of Iraq Law was issued March 6, 2004. When: 1983. Bank executives have been kidnapped from their homes for ransoms as high as $6mn. Like most bank thieves, they didn’t get away with it. It has few exterior openings, and is instead organised around an inner courtyard which cuts through the heart of the structure and rises to a height of 40m. He also sent his son Qusay with a handwritten note asking to withdraw nearly $1 billion to keep it from enemy hands. The total aftermath of the Iraq war is beyond the scope of this blog, but what unfolded during and after the Central Bank robbery is a sad commentary on what was already sad situation. [17] The bank’s head office is located in Baghdad with four branches in Basrah, Mosul, Sulaimaniyah, and Erbil. The Constitution of Iraq states that the central bank is a financially and administratively independent institution, responsible before the Council of Representatives of Iraq. Sad, but true; Saddam Hussein, working through his son, Qusay robbed the country’s central bank of the most money ever stolen from any bank. In June 2014, Islamic State of Iraq and the Levant (ISIL) militants looted the Central Bank in Mosul, absconding with over $429 million USD. The bank robbery that took place at the Central Bank of Iraq in 2003, is said to be the largest cash heist in the history of the world. British Bank of the Middle East (Beirut, Lebanon, 1976) War! That’s right, one of the biggest bank robberies that ever took place did not occur in an actual bank itself, but rather… One day before the Iraq War began in 2003, he sent three large trucks to the Central Bank. [7], After the fall of Saddam Hussein's government, the Central Bank of Iraq was established as Iraq's independent central bank by the Central Bank of Iraq Law 2004, with authorised capital of 100 billion dinars. The note was from daddy. They didn’t even need guns to take the money, just the trucks to carry the loot. They left with one-quarter of the bank’s reserves that day without lifting a gun or making a single threat. Central Bank of Iraq (2003) Robbery. Good God, ya’ll… It’s … Initial talks about the project were held in Istanbul, Turkey, on 14 August 2010, in the presence of the Central Bank Governor Sinan Al Shabibi. The United States convicted over 30 of our service members for theft. Qusay walked into the bank, then handed a note to the governor of the bank. 10 Biggest Bank Robberies of All Time Thieves made off with billions in these daring, historic heists. five. Saddam Hussein ordered the Central Bank of Iraq to give $920 million to his son Qusay Hussein. Saddam Hussein wielded monetary and the dinar as "a powerful instrument of repression". One of Saddam Hussein's sons took almost $1bn (£640m) in cash from Iraq's central bank only hours before the Americans started bombing, the US … 10. Essential reading: The Bank Robbery In Albany Georgia That Never Was. In meeting these objectives the Central Bank will support sustained growth and economic opportunities for the people of Iraq.. United California Bank, Laguna Nigel, California, United States. Stolen: Shergar, the acclaimed Irish racehorse. What is it good for? The new … There is a reason to believe that some of it at least, found its way into the hands of US soldiers. Baghdad, Iraq; 2003. [5] This was considered the largest bank heist in history until 2011. They before US troops rolled into Baghdad, three large trucks pulled up in front of the bank. It is claimed that Saddam Hussein perpetrated the bank robbery, because he was expecting United States forces to be in the area at any moment. Saddam was of course never going to admit to any theft, nor was he going to cough up any information to help officials trace the missing dough. This page was last edited on 11 May 2021, at 06:15. We will never know, nor will we know exactly how much they took or where it went. To establish, oversee, and promote a sound and efficient payment system. Central Bank of Iraq Robbery Baghdad, Iraq; 2003 Stolen: Over $920 million Considered the biggest bank heist in history, this bold theft was allegedly ordered directly by Saddam Hussein himself just days before the American invasion. The Central Bank of Iraq (CBI) (Arabic: البنك المركزي العراقي) is the central bank of Iraq. To carry out any related ancillary tasks or transactions within the framework of Iraqi law. As of July 2010, steps and measures have taken place in order to integrate these branches with the headquarters in Baghdad. Amid the bombs and gunfire, there is one "industry" is doing … In the years that followed the war, money turned up in many places. Arguably the most prolific gang of thieves in history, … Saddam Hussein Steals $1 Billion from the Iraq Central Bank in 2003. The Central Bank of Iraq looks like a fortress. It turned out to be the stash of Saddam’s other son, Uday. [10] According to the Constitution, the Federal government of Iraq has the "exclusive authority" of "establishing and administering a central bank". The craziest thing about the story is that it all went down without a single bullet. The mastermind was none other than Iraqi dictator Saddam Hussein. It didn’t matter. Foreign exchange reserves have increased to nearly US$67 billion (as of September 2012) due to a rise in oil revenues, indicating the improved ability since 2003 to deal with the repayment of foreign debt, the currency stabilization, and the coverage of average monthly imports. Five hours and is considered the largest robberies conducted since 2003 a powerful instrument of repression '' the building they. And a friend loaded bag after bag into the three trucks is considered the largest Bank heist history. 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