Word: liechtensteins
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...depositors the higher interest rates, Kuhrmeier had to find riskier investments than the Eurodollar market. He chose a Liechtenstein-based holding company called Texon Finanzanstalt, which he had founded in 1961. Over the years Kuhrmeier funneled $868 million of Crédit Suisse's Chiasso deposits to Texon. The company then bought stakes in more than 150 Italian companies dealing in, among other things, wine, plastics and vacation resorts...
...Switzerland to British Leyland distributors and agents. Among the abuses mentioned was a practice of overbilling distributors so that they would appear to have little taxable profit; secret cash payments would then be "suitcased" to them-literally carried in satchels-or deposited in numbered bank accounts in Switzerland or Liechtenstein...
...bank as deposits or in easily salable stocks, they invested the funds in ventures that they set up especially for that purpose. A door connected their offices with those of lawyers who were involved in some of the transactions. From Chiasso, an estimated $880 million was funneled to a Liechtenstein-based holding company called Texon-Finanzanstalt. In turn, that company invested the money in three Italian undertakings: a winemaker, a resort near Venice and a plastics manufacturer...
...wealthy mobsters live like millionaires, Internal Revenue Service agents can ask discomfiting questions. Some Mafiosi have large sums in secret bank accounts overseas, most notably in Switzerland and Liechtenstein, as nest eggs in case they ever have to flee abroad. Other mobsters keep their escape money in bank safe-deposit boxes or hiding places called "traps." Anthony ("Fat Tony") Salerno, a gambler and loan shark who was indicted last week on charges of running a $10 million-a-year numbers operation in Manhattan, used to keep more than $1 million in small bills packed in shoe boxes stacked from floor...
Still, only a small proportion of the illegal capital outflow is being transported by Mercedes and motor scooter. Until new antismuggling laws were passed last April, lire in cash or checks could be transferred to some Swiss or Liechtenstein banks via clandestine exchange channels in Rome and Milan. Huge sums have also been sent abroad by the device of under-invoicing exports and over-invoicing imports; the excess amounts were then deposited in bank accounts abroad. But when it seemed that the Communists might make major gains in last June's elections, Switzerland was awash in a flood...