Word: druggings
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Dates: during 1980-1989
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...biggest problem may be in deciding how to handle all the borderline illegality the task force will find. "How do you separate drug money from capital-flight money?" asks one of the mavens. "It will be more than drug money we come up with, and what happens when we stumble over a really major company and hold up its dirty linen? Maybe the banks will start turning in the narcotics people rather than lose their biggest customers...
...biggest push could come from the provisions of the Kerry Amendment to the 1988 anti-drug abuse act. The law requires the Treasury Secretary to negotiate bilateral agreements on money-laundering detection and prevention with all U.S. trading partners. Countries that refuse to participate or that negotiate in bad faith could conceivably be excluded from the U.S. banking network and clearinghouses. Yet in hearings earlier this year, Assistant Treasury Secretary Salvatore Martoche indicated that the Bush Administration is reluctant to enforce the law zealously for fear of hampering the U.S. banking industry...
...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 rich, the drug lords will start investing everywhere: in industry, in the stock market." In the U.S. some lawmakers have begun worrying about the impact of billions of drug dollars invested in U.S. institutions and wonder what influence the drug barons might eventually exert...
Financial experts are beginning to recognize that Washington will be unable to control drug money unless the U.S. compels offshore financial institutions to make their books "transparent" enough to show the true owners of the money. In the end, the Colombian drug cartels are about to force the world to re-examine the international financial system that has developed haphazardly over the 60 years since the Swiss first popularized secret banking. Countries may not yet be willing to make their banking transactions fully "transparent," but some light must be shed on everyone's books. Says Kerry: "It will take significant...
...there is still a deep-seated reluctance to take drastic measures. Briefing reporters after a Paris conclave on money laundering last September, a senior U.S. official declared that global efforts to trace drug money will have to be balanced against the freedom from unnecessary red tape. Too many controls, he declared, could "constipate" the financial exchanges. That is the kind of attitude that has brought the system to its current state, in which drug money freely mingles with the life force of the world economy, like a virus in the bloodstream...