Word: moneys
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Dates: during 1980-1989
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...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...
...Once the money is in a financial institution, it can be moved with blinding speed. Communicating with the bank via fax machine or personal computer, a launderer can have wire transfers sent around the world without ever speaking to a banking officer. The goal of many launderers is to get their money into the maelstrom of global money movements, where the volume is so great that no regulators can really monitor it all. Such traffic has exploded because of the globalization of the world economy, which has multiplied the volume of international trade and currency trading. On an average working...
Much of the electronic money zips into a secret banking industry that got its start in Switzerland in the 1930s as worried Europeans began shifting their savings beyond the reach of Hitler's Third Reich. Later the country's infamous numbered accounts became a 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...
They apparently are, since many small countries have successfully attracted banking business by creating discreet, tax-free havens. In Luxembourg total bank deposits have grown from $40 billion in 1984 to more than $100 billion last year. In the wake of a drug-money scandal involving the Florida operations of Luxembourg-based Bank of Credit and Commerce International, the country has tried to burnish its public image by declaring money laundering a criminal offense, even while it has fortified its bank-secrecy rules...
...money-laundering center can be spotted by the huge surplus of cash that flows into the local branch of the Federal Reserve System. In 1985 the Miami branch posted a $6 billion excess. But after several years of intense federal probes of South Florida banks, Miami's cash glut fell last year to $4.5 billion. Much of the business went to Los Angeles, where the cash surplus ballooned from $166 million in 1985 to $3.8 billion last year. Despite such rocketing growth, the staffing of federal law-enforcement offices in L.A. still lags far behind the levels in Miami...