Word: luxembourg
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...more than passing strange. Almost 510,000 registered foreigners represent 6.5% of the total Austrian population; 100,000 more are thought to have entered the country illegally. But Austria has prospered despite the influx. Through most of the 1980s, it boasted the lowest unemployment rate in Europe outside tiny Luxembourg. Since the immigrants come mostly from Czechoslovakia, Hungary and Yugoslavia, they "aren't greatly different in cultural and religious terms" from native Austrians, says political scientist Anton Pelinka. That they should nevertheless encounter such strong resentment, he says, "doesn't bode well for a united Europe...
...could the financial cops have allowed two such blatant scandals to take place? Part of the answer is that the international financial system is rife with offshore tax havens, secrecy laws and virtually unregulated banking zones. Maxwell's family trusts were incorporated in Liechtenstein, and B.C.C.I. was incorporated in Luxembourg. Both countries are known for their lax regulation. In each case, the con men made billions of dollars disappear through the world's cracks and loopholes...
...guilty plea, hammered out during four months of intense negotiations among banking authorities and prosecutors in Washington, London and Luxembourg, was designed in part to impose some order on the worldwide scramble to lay claims to B.C.C.I.'s remaining assets. So far, auditors have found only $1.5 billion in the coffers of a bank that once held $22 billion in deposits. "We felt we could duke it out for years, or we could accommodate each other. I think we found a fair arrangement," says George Terwilliger, the acting Deputy U.S. Attorney General...
...spokesperson Nadia Younes announced recent donations of $6.26 million from Germany, $545,000 from Luxembourg and $300,000 from Norway...
...nice, neat, has more colors," said Conlon Chen, who works with Vitte in Luxembourg. "Pedestrian but nice...