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Austria came under fire at the FATF for its anonymous savings-account passbooks, which could be used for money laundering by concealing the true identity of the owner of an account. There are 24 million such accounts at Austrian banks, about three times the number of the entire population, a clear indication the bankbooks are used by foreigners as well. After a threat to kick Austria out of the FATF by June 15 unless the system was changed, a newly elected Austrian government relented--sort of. Amended laws require any passbook accounts opened after Nov. 1, 2000, to identify...

Author: /time Magazine | Title: Cleanup Time | 9/25/2000 | See Source »

FATF was not the first group to home in on Liechtenstein's peccadillos. Last May the nation of 32,000 people was shaken to learn that Austrian police called in by the government had detained four men on suspicion of fraud, misuse of funds and money laundering. The four, who were subsequently released from jail uncharged, included Gabriel Marxer, a legislator in the 25-member parliament, and Rudolf Ritter, brother of Deputy Prime Minister Michael Ritter. Legislators agreed to lift Marxer's parliamentary immunity to allow him to be detained. In a separate action, police searched and carted away documents...

Author: /time Magazine | Title: Cleanup Time | 9/25/2000 | See Source »

...adolescent U.S. The Italian peninsula was a crux of this struggle. The Pope himself was a monarch, ruler of the states girdling the boot approximately from Naples to Venice, playing survival politics amid what historian Kertzer describes as "a patchwork of duchies, grand duchy, Bourbon and Savoyard kingdoms [and] Austrian outposts." Would-be nation builders plotted Italy's unification from the south and the north. Revolutionaries, writes Kertzer, goggled across papal borders at those who regarded "the notions that people should be free to think what it pleased them to think [as] heretical...

Author: /time Magazine | Title: Not So Saintly? | 9/4/2000 | See Source »

...Austrian beverage Red Bull stands out in an oversaturated market by leading a double life: energy drink by day, mixer by night. Red Bull, which retails for $1.99 a can, sponsors such varied sporting events as street luge and Formula One racing, but its core constituency is fast becoming clubgoers, not athletes. The sugary yellowish brew, first introduced in California in 1997 and now available in more than 20 states, has hit the club circuit at such hip spots as Sky Bar in Los Angeles and Twilo in New York City. Leonardo DiCaprio served Red Bull at his millennium bash...

Author: /time Magazine | Title: Red Bull | 7/31/2000 | See Source »

GIVE ME YOUR WIRED The Ellis Island Experience ($39.99) is a new CD-ROM that documents the immigrant experience of that famous portal to America, from the chalk marks put on the coats of those with health problems to the Austrian woman who thought the Statue of Liberty was a statue of Columbus. It's a story that deserves to be retold in every medium, and it's told well in this...

Author: /time Magazine | Title: In Brief: Jul. 24, 2000 | 7/24/2000 | See Source »

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