Word: moneys
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Dates: during 1980-1989
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...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. Alarmed by the tide, House Democrat John Bryant of Texas has long pushed for legislation to require disclosure of the identity of foreign investors. But for years, the Reagan Administration refused to go along, claiming that such openness might scare away capital...
...that a consensus is building that the U.S. must pick out the black money from the gray, the tools at hand seem minimal for the task. Says Jaime Chavez, an international banking consultant: "The people who will probably be searching for it have a very limited knowledge of what money movement is all about. How is a third-rate employee of the Justice Department going to dissect the entire financial system to pinpoint the drug money correctly?" During the Reagan years, the budgets of agencies in charge of ctaching financial cheats failed to keep pace with the changing world...
...agents can be spared because IRS employees are working overtime to contain an explosion of smaller-time money-laundering cases involving car salesmen, ordinary investors, real estate agents and other entrepreneurs. In Florida undercover IRS agents operating a sting operation that they touted as a "full-service financial-investment corporation" have nabbed 50 would-be money launderers in the past year. "Some are lawyers and businessmen who are skimming cash from their businesses, and they've heard about what you can do through an offshore bank," says Tampa IRS supervisor Morris Dittman. "Others have cash that rolls...
Such amateurs are running afoul of laws that professionals have already discovered. The statutes began tightening in 1986, when money laundering became a specific crime. Later it became illegal to evade the $10,000 currency-reporting requirements by making groups of smaller deposits. Banks have begun to exercise more internal supervision as well, prodded by a series of investigations in the mid-1980s in which such institutions as Bank of America and Bank of Boston were forced to pay hefty fines for their involvement in laundering schemes. Yet many major banks are still participants, witting or not, in ever more...
...littered with discarded coffee cups, overflowing ashtrays, computer terminals and maps of the world. "We're going to be a financial think tank to help train cops who are deluged in financial data," says Gene Weinschenk, acting director of FINCEN's research-and-development division. "We're looking for money, not dope...