Word: druggings
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Dates: during 1980-1989
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They apparently are, since many small countries have successfully attracted banking business by creating discreet, tax-free havens. In Luxembourg total bank deposits have grown from $40 billion in 1984 to more than $100 billion last year. In the wake of a drug-money scandal involving the Florida operations of Luxembourg-based Bank of Credit and Commerce International, the country has tried to burnish its public image by declaring money laundering a criminal offense, even while it has fortified its bank-secrecy rules...
...everyone there does it, usually legitimately, at least according to the laws of Hong Kong, where even insider trading is no crime. By the puritan standards of the U.S., says one American banker, "the lack of public disclosure here is scandalous." The city is a mecca for arms dealers, drug traffickers and business pirates of every description. "Where else could I broker a deal that involves machine guns from China, gold from Taiwan and shipments traded in Panama City?" says a Brazilian arms merchant who maintains an apartment in Hong Kong...
...task. Says Jaime Chavez, an international banking consultant: "The people who will probably be searching for it have a very limited knowledge of what money movement is all about. How is a third-rate employee of the Justice Department going to dissect the entire financial system to pinpoint the drug money correctly?" During the Reagan years, the budgets of agencies in charge of ctaching financial cheats failed to keep pace with the changing world of money manipulation. Even IRS agents are largely unprepared for the task of tracking transactions that can involve four or five banks, several shell companies...
...nabbed 50 would-be money launderers in the past year. "Some are lawyers and businessmen who are skimming cash from their businesses, and they've heard about what you can do through an offshore bank," says Tampa IRS supervisor Morris Dittman. "Others have cash that rolls out of the drug trade. When a druggie buys a big home and car for cash, you have a real estate agent and a salesman with sudden cash, and they begin wondering if they have to share it with the Government...
...close the gap, Bush's offensive against drug-cash handlers is being placed in the hands of a newly created task force that includes the CIA, the National Security Agency and the Pentagon, as well as a team of drug, tax and customs agents. FINCEN is already at work in a crowded Virginia office littered with discarded coffee cups, overflowing ashtrays, computer terminals and maps of the world. "We're going to be a financial think tank to help train cops who are deluged in financial data," says Gene Weinschenk, acting director of FINCEN's research-and-development division...