Word: laundering
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Dates: during 1980-1989
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Durenberger insists he cleared the deal through the Federal Election Commission and has broken no Senate rules. But the Senate ethics committee is investigating whether he used the arrangement to launder his speaking fees...
...small percentage of the tons flooding the country, is evidence of more than just a frighteningly effective drug- smuggling industry. The wholesale value of the coke, as much as $28 billion, is testimony to another kind of dark genius. This is the scandalous ability of the coke kingpins to launder billions of dollars in drug proceeds using many of the same financial services available to the FORTUNE 500. In a wash cycle that often takes less than 48 hours, the drug smugglers can turn coke-tinged $20 and $100 bills into such untraceable, squeaky-clean assets as money-market deposits...
While businesses and individuals may conceal their assets for purposes that are completely legal, or dubious at worst, the systems set up for their convenience can be perversely efficient at helping drug barons launder as much as $100 billion a year in U.S. proceeds. "It is hard to understand why we failed for so long to institute adequate controls," says Massachusetts Democrat John Kerry, chairman of the Senate's Subcommittee on Terrorism, Narcotics and International Operations. The state of regulation is "so lackadaisical," says Kerry, "it's almost damnable...
...world's prosperity depends on a fluid and unfettered financial system, yet the lack of supervision is producing a large shadow economy. The IRS estimates that tax cheats skim as much as $50 billion a year from legitimate cash-generating businesses and launder the money to avoid detection. Banking experts calculate that the private citizens of debt-choked Latin American countries have smuggled more than $200 billion of their savings abroad in the past decade...
...hauling cash out of the U.S. has its drawbacks. The interest revenue lost while cash is in transit pains a drug dealer as much as it would a corporate financial officer. And since narcotraffickers see America as a safe and profitable haven for their assets, they often launder and invest their cash in the U.S. The first and trickiest step is depositing the hot cash in a U.S. financial institution. Reason: the IRS requires all banks to file Currency Transaction Reports for deposits of $10,000 or more. During the early 1980s, launderers got around this scrutiny by employing couriers...