---
category: Country
summary: Australia is the country where Nugan Hand Bank, the CIA-connected financial
  institution co-founded by Michael Hand and Frank Nugan, operated until its 1980
  collapse amid drug trafficking and intelligence connections, after which Hand disappeared
  with alleged CIA assistance.
tags:
- Country
- Australia
- NuganHand
- Intelligence
- DrugTrafficking
---

[Australia](/places/australia/) is a country and continent in the Southern Hemisphere. It is mentioned in connection with [Nugan Hand Bank](/organizations/nugan-hand-bank/), which was an [Australian](/places/australia/) bank co-founded by [Michael Hand](/people/michael-hand/) and [Frank Nugan](/people/frank-nugan/). This bank reportedly laundered profits from drug trafficking in the [Golden Triangle](/places/golden-triangle/) and financed subversive paramilitary activities in Southeast Asia. The bank collapsed in 1980, $5 billion in debt, and [Michael Hand](/people/michael-hand/) disappeared from [Australia](/places/australia/).[^1]

[Michael Hand](/people/michael-hand/) reportedly fled [Australia](/places/australia/) under a false identity on June 14, 1980, on a flight to [Fiji](/places/fiji/). He was allegedly helped to escape by an American code-named "Charlie," identified as a former member of the [U.S. Special Forces](/organizations/united-states-army-special-forces/) and ex-[CIA](/organizations/central-intelligence-agency/) operative. [Michael Riconosciuto](/people/michael-riconosciuto/) claimed to have handled money transfers for Hand when he fled [Australia](/places/australia/).[^1]

[Brian Toohey](/people/brian-toohey/), a top [Australian](/places/australia/) journalist, reported in his *The Eye* magazine in 1991 that [Michael Hand](/people/michael-hand/) had a postal drop in Washington State, and his wife was reportedly living with him there.[^1]

[Robert Booth Nichols](/people/robert-booth-nichols/) also listed [Australia](/places/australia/) as one of his residences.[^1]

---

[^1]: Seymour, Cheri. *The Last Circle: Danny Casolaro’s Investigation into the Octopus and the PROMIS Software Scandal*. First Edition. TrineDay, 2010.