Word: escrowed
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...fall of Ferdinand Marcos, the corrupt former President of the Philippines, led to the first major break with the secrecy tradition. Under enormous worldwide pressure, the Swiss in 1986 froze accounts belonging to Marcos, and later transferred more than $600 million into an escrow account in Manila. The case marked the start of Swiss cooperation in international criminal cases and the advent of tough laws against money laundering. Any suspicions of money laundering must now be reported to a central monitoring agency in Bern. Strict rules hold senior bank managers accountable for the accounts of politicians, whatever country they come...
...longer need proof of legal residency to open an account but can instead present an identification card issued by the Mexican consulate. This month B. of A. launched a money-transfer system called SafeSend, in which customers can use a phone or the Internet to transfer money into an escrow account. The recipient in Mexico--who would have been mailed a SafeSend card--can then access the account from any ATM. Remittances to Mexico topped $9 billion last year, and the banks hope to capture some of that business. Says Jeffrey Bierer, project manager for SafeSend: "In order for Bank...
...familiarity, encouraging the audience to sit back and relax in their chairs, not jump out of them. After all, how frightened can one be by a trio of criminals who break into an unexpectedly occupied house after miscalculating the number of days a property is held in escrow before being sold? Even later, when the criminals begin to posture and threaten and wield their guns, their continued bumbling behavior makes them less frightening than the price tag for the New York four-story brownstone they are burgling...
...them, Junior (Jared Leto), a relative of the eccentric former owner, knows that millions of dollars are still hidden in the house. His nasty surprise is that the house is occupied; he thought the house was still being held in escrow, which would keep it empty longer. The Altmans' nasty surprise is that the loot is hidden in the eponymous Panic Room, the house's steel-encased, supposedly impenetrable retreat of last resort...
...current setup also encourages most of the international community to look the other way as Iraq violates sanctions, particularly through exporting oil to Syria and Turkey (who pay Baghdad directly rather than through a U.N.-managed escrow account). The new proposals would require these countries and Jordan to pay for oil through the escrow account, giving the U.N. tighter control over Baghdad's funds. But a decade of sanctions has spawned an elaborate smuggling economy in the states surrounding Iraq, and implementing new curbs may be difficult...