Word: localness
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Dates: during 1980-1989
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Lepine purchased the rifle, a model that is popular with ranchers for killing coyotes, at a local gun store three weeks ago, after undergoing a police-file check as required by law. Canada regulates the sale of handguns much more strictly than does the U.S., but hunting guns, including semiautomatics, are widely obtainable. In the wake of last week's misogynic massacre, there were calls for tighter rules on the availability of combat- style weapons as well as soul-searching debates about the victimization of women. But the most touching commentary involved very few words. After a candlelight procession...
Under this multilayered plan, the Paris bank would set up a corporation for the customer in Rotterdam, where he would deposit his cash in the bank's local branch. The American would control the newly created Dutch corporation through an Antilles trust company, but his identity as the owner would be protected by the island group's impenetrable secrecy laws. The Caribbean branch would then "lend" the American his own money held in Rotterdam...
...bank were to delay, his Colombian client would kill him, Vives pleaded. The banker refused, and British authorities cooperating with the DEA froze the account. Not all countries were as helpful. U.S. agents said they tracked Rodriguez's money to the Cayman Islands, Spain and Montserrat, but local authorities said they could not cooperate, citing rigid bank-secrecy laws as an excuse...
...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...