Word: make
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Dates: during 1980-1989
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...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 called Smurfs, named for the restless cartoon characters, who would fan out and make multiple deposits of slightly less than...
...hugely profitable business. Chiasso, a quaint Swiss town of 8,700 inhabitants on the Italian border, has 18 banking offices. But during the past few years, Swiss secrecy has been weakened by a series of cases involving money laundering. Switzerland is now preparing a new law that will make money laundering a crime punishable by prison terms. Explains Jean-Paul Chapuis, executive director of the Swiss Bankers Association: "Our hope is that the criminals will go to another country...
...make a dent in the money-laundering trade, authorities will need more support from the financial community. "They're now willing to tell us about people coming in with bags of cash," says a regulator, "but as far as anything else goes, you can forget it." Yet many bankers think the feds have become indiscriminate in their crackdown. "They are characterizing traditional, ordinary, international banking transactions as money laundering," gripes Gerald Houlihan, a Miami attorney who represents financial institutions in money-laundering and forfeiture cases. "They are not going after money launderers, but are attempting to terrorize banks...
Financial experts are beginning to recognize that Washington will be unable to control drug money unless the U.S. compels offshore financial institutions to make their books "transparent" enough to show the true owners of the money. In the end, the Colombian drug cartels are about to force the world to re-examine the international financial system that has developed haphazardly over the 60 years since the Swiss first popularized secret banking. Countries may not yet be willing to make their banking transactions fully "transparent," but some light must be shed on everyone's books. Says Kerry: "It will take significant...
Even the Soviets were flashing warning signs. Armed forces Chief of Staff Mikhail Moiseyev said the Soviet leadership should make no further concessions to the U.S., and noted pointedly that there are still too many disagreements to conclude a strategic-arms treaty by June. Gorbachev and Bush would have to meet again just to hash out these differences, said Moiseyev...