Word: florida
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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...
...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's cash glut fell last year to $4.5 billion. Much of the business went to Los Angeles, where the cash surplus ballooned from $166 million in 1985 to $3.8 billion last year. Despite such rocketing growth, the staffing of federal law-enforcement offices in L.A. still lags far behind the levels in 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 economy. Even more appealing is the inflow of foreign capital. During the spend-and-borrow era of the 1980s, the gusher of flight capital into the U.S. from Latin America helped finance America's deficits. As in Hollywood, not many politicians were concerned about where the money was coming from...
...agents can be spared because IRS employees are working overtime to contain an explosion of smaller-time money-laundering cases involving car salesmen, ordinary investors, real estate agents and other entrepreneurs. In Florida undercover IRS agents operating a sting operation that they touted as a "full-service financial-investment corporation" have 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...
...single day in Washington recently, Wattleton testified before the House Foreign Affairs Subcommittee (she tangled with Representative Christopher Smith of New Jersey, a zealous pro-life advocate), planned pro-choice strategy with Representatives Don Edwards of Florida and Pat Schroeder of Colorado (she urged them to introduce a federal pro-choice statute), had a get-acquainted session with Democratic National Committee head Ronald Brown (she told him that Webster backlash will help the Democrats) and then capped off the day by conferring with Republican Senator Bob Packwood of Oregon (she pressed him about a pro-choice constitutional amendment, a dream...