Word: buts
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Dates: during 1980-1989
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Much of the electronic money zips into a secret banking industry that got its start in Switzerland in the 1930s as worried Europeans began shifting their savings beyond the reach of Hitler's Third Reich. Later the country's infamous numbered accounts became a hugely profitable business. Chiasso, a quaint...
In the U.S. a money-laundering center can be spotted by the huge surplus of cash that flows into the local branch of the Federal Reserve System. In 1985 the Miami branch posted a $6 billion excess. But after several years of intense federal probes of South Florida banks, Miami...
Both in the U.S. and abroad, financial businesses and even governments are often reluctant to impose regulations to keep out launderers. One reason is that a thriving financial industry brings jobs and income. South Florida's 100 international banks employ 3,500 workers and pump $800 million into the local...
To make a dent in the money-laundering trade, authorities will need more support from the financial community. "They're now willing to tell us about people coming in with bags of cash," says a regulator, "but as far as anything else goes, you can forget it." Yet many bankers...
But there is more at risk than the dislocation of business as usual. Many experts believe the financial stability and national security of whole countries will be in jeopardy until the problem is solved. Says the head of the Italian treasury police, General Luigi Ramponi: "Now that they are too...