The Nugan Hand merchant bank, operating from 1973 to 1980, is a notorious example of large-scale money laundering. Founded by Australian Frank Nugan and American Michael Hand, it facilitated illegal activities including tax fraud and theft from investors, possibly acting on behalf of American interests. The bank employed numerous former US military and intelligence personnel, and its collapse involved the disappearance of tens to hundreds of millions of dollars. Despite investigations, no one was ever convicted of crimes related to the bank, and many key figures remain shrouded in secrecy. Its connections to organised crime and drug trafficking, particularly in the Asia-Pacific region, are well documented.
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