Word: keeping
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Dates: during 1980-1989
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...Government now requires banks to keep an eye out for Smurfs, but launderers have developed new techniques. Since retail businesses that collect large amounts of cash are often exempt from the $10,000 rule, launderers have created front companies or collaborated with employees of such outlets as 7 Elevens and Computer-Land stores. To drug dealers, "an exempt rating is like gold," says a Wells Fargo Bank vice president. A restaurant that accepts no checks or credit cards can be an ideal laundering machine. Even a front business with no exemption is valuable because launderers can file the CTRs...
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...
...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 and two or more currencies...
...element of good fortune. Gorbachev seems content to let the President move at his own pace. The Soviets and NATO allies support a stabilizing U.S. presence in Europe. And a gradually reduced Soviet threat may enable Bush to squeeze just enough money from the military next year to keep the federal deficit moving downward. Bush recognizes that he is the benefactor of a rare alignment of stars. "I'm a lucky person to be President of our country in these very exciting times," he said last week. But as the ground in Europe continues to shift, he will need more...
...point, the government seemed intent on depicting a mood of impending breakdown, as if trying to ensure its survival by convincing people that only the present leaders could keep blood from flowing in the streets. In a statement issued through the state-run ADN news agency last Wednesday, the government reported "growing indications of stormings of facilities and installations of the National People's Army." But no mention was made of where the assaults took place. In a separate appeal, from the army, generals warned that they would not permit disturbances at military installations and called on soldiers to fulfull...