Word: moneyitis
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Officials admit they do not have a handle on the full scope of the problem (a 1996 estimate from the International Monetary Fund said money-laundering accounts for 2%-5% of global GDP) but it's certainly many billions every year...
...same hearing of the Senate Homeland Security and Governmental Affairs Committee: "Years of research and law-enforcement investigations have conclusively demonstrated the link between the abuse of legal entities, on the one hand, and, on the other hand, WMD proliferation, terrorist financing, sanctions evasion, tax evasion, corruption and money-laundering for virtually all forms of serious criminal activity...
...Then, for modest fees, enjoy the illusion of legitimacy, complete with a telephone listing, receptionist, banking services, shareholders and directors. "The bottom line is we are giving criminals entree into our financial system," says Janice Ayala, deputy assistant secretary of Immigration and Customs Enforcement, which leads federal anti-money-laundering efforts...
...third parties or conducting long-term surveillance, trying to pierce the corporate veil. Changing the rules is such a priority that these groups are willing to redeploy homeland-security funds, intended for first responders, to pay for the implementation, because they figure it will ultimately save them lots of money and time. (See the top 10 news stories...
...America's example set a new global standard. Argues Baker: "There would be no net loss to the U.S. economy by eliminating secrecy. On the contrary, the more we can do to make the U.S. economy transparent, the more we can strengthen [it], and the more we will attract money from overseas...