---
category: Private Organization
end: 2004
location: Geneva, Switzerland
start: 1928
summary: Banque Worms was a bank in Geneva, Switzerland, that played a role in the
  financial transactions related to Israel arms sales to Iran and the release of USA
  hostages.[^1]
tags:
- Organization
- Private
- Finance
- Europe
---

[Banque Worms](/organizations/banque-worms/) was a bank in Geneva, [Switzerland](/places/switzerland/), that played a role in the financial transactions related to [Israeli](/places/israel/) arms sales to [Iran](/places/iran/) and the release of [American](/places/united-states/) hostages.[^1]

In April 1980, Sayeed Mehdi Kashani opened a numbered account at [Banque Worms](/organizations/banque-worms/) and deposited $270,000 for the purchase of tires from [Israel](/places/israel/). This marked the beginning of the extra-budgetary [Likud Party](/organizations/likud-party/)/intelligence community slush fund.[^1]

In December 1980, $40 million in bank checks, part of a $56 million payment for the release of [American](/places/united-states/) hostages, were drawn on [Banque Worms](/organizations/banque-worms/). [Ari Ben-Menashe](/people/ari-ben-menashe/) deposited $52 million of this money into Kashani's safe deposit box at [Banque Worms](/organizations/banque-worms/). The remaining $4 million was deposited into [Earl Brian's](/people/earl-brian/) account at [Valley National Bank of Arizona](/organizations/valley-national-bank-of-arizona/).[^1]

Profits from the sales of tires and wheelbases to [Iran](/places/iran/) ($956,000) were also deposited into [Banque Worms](/organizations/banque-worms/) to initiate the slush fund. [Ari Ben-Menashe](/people/ari-ben-menashe/) later opened a special account at [Banque Worms](/organizations/banque-worms/) for these profits.[^1]

[^1]: Ben-Menashe, Ari. *Profits of War: Inside the Secret U.S.-Israeli Arms Network*. TrineDay, 1992.