Word: millions
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Dates: during 1980-1989
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President Bush, for his part, has declared money launderers a critical target in the war on drugs, allocating $15 million to launch a counteroffensive. While the sum is minuscule for the task, the declaration signals a change in philosophy for the Administration, which had resisted calls for tighter banking regulations. Only hours after Bush unveiled his antidrug offensive last September, a federal task force began taking shape. The Financial Crimes Enforcement Network (FINCEN) hopes to zero in on money launderers with computer programs capable of spotting suspicious movements of electronic money...
...high-tech game of cat and mouse, the Justice Department said last week that it had found and triggered the freezing of $60.1 million in bank accounts in five countries that contained the personal income of Jose Gonzalo Rodriguez Gacha, a leader of the Medellin cartel. Using financial records and computer disks captured by the Colombian government, U.S. agents traced Rodriguez money to accounts in the U.S., Luxembourg, Switzerland, Austria and Britain...
Drug Enforcement Administration officials told TIME that one of Rodriguez's purported financial advisers, Panama-based Mauricio Vives, tried desperately to keep moving the money one step ahead of the agents. Vives called a British banker and told him to move several million dollars, fast, to an account in Luxembourg. If the 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...
...vice president. A restaurant that accepts no checks or credit cards can be an ideal laundering machine. Even a front business with no exemption is valuable because launderers can file the CTRs in the knowledge that they are unlikely to attract scrutiny, since the Government is swamped with 7 million such reports a year, up from fewer than 100,000 a decade ago. Other places where drug dealers can often dump their cash include the currency exchange houses along the Southwest border and urban check- cashing and money-transmittal stores...
...Nauru in the western Pacific and Palau and Truk in Micronesia. Citizens of Vanuatu, a volcanic archipelago of some 80 islands formerly known as the New Hebrides, have found that international finance beats coconut and taro farming. In Port Vila, the capital, it is not unusual for a $100 million transaction between major international banks to take place on any given...