Word: liechtensteiner
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Dates: during 2000-2009
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...join a global crackdown on criminal and terrorist money havens earlier this year. Thirty industrial nations were ready to tighten the screws on offshore financial centers like Liechtenstein and Antigua, whose banks have the potential to hide and often help launder billions of dollars for drug cartels, global crime syndicates--and groups like Osama bin Laden's al-Qaeda organization. Then the Bush Administration took office...
...havens are one of the world's great growth industries. There are more of them than ever, from Liechtenstein to Panama to Vanuatu, a tiny rock sticking out of the Pacific, well-wired into the world financial system. And the amount of money they harbor around the globe is staggering--as much as $5 trillion, according to the U.S. State Department. The Cayman Islands (pop. 35,000) has more than $800 billion on deposit--fully one-fifth as much as the entire U.S. banking system. And those Cayman deposits are swelling by an estimated $120 billion a year...
...voted most photogenic b) already devoured Miss Liechtenstein c) has not worked since Don Juan DeMarco d) is the official swimsuit photographer for Miss Universe...
Europe's tax havens have historically been prone to abuse. The FATF report said that Liechtenstein's system for reporting suspicious transactions had long been inadequate, that there were no laws for exchanging information with international authorities about money laundering and that the resources devoted to tackling the problem were paltry. The country's laxity was underscored earlier this year during major political scandals in Germany. Investigators found that German politicians used Liechtenstein bank accounts to receive bribe money paid by the French oil giant Elf Aquitaine...
FATF was not the first group to home in on Liechtenstein's peccadillos. Last May the nation of 32,000 people was shaken to learn that Austrian police called in by the government had detained four men on suspicion of fraud, misuse of funds and money laundering. The four, who were subsequently released from jail uncharged, included Gabriel Marxer, a legislator in the 25-member parliament, and Rudolf Ritter, brother of Deputy Prime Minister Michael Ritter. Legislators agreed to lift Marxer's parliamentary immunity to allow him to be detained. In a separate action, police searched and carted away documents...