Word: moring
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Dates: during 1980-1989
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But hauling cash out of the U.S. has its drawbacks. The interest revenue lost while cash is in transit pains a drug dealer as much as it would a corporate financial officer. And since narcotraffickers see America as a safe and profitable haven for their assets, they often launder and...
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...
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...
Both in the U.S. and abroad, financial businesses and even governments are often reluctant to impose regulations to keep out launderers. One reason is that a thriving financial industry brings jobs and income. South Florida's 100 international banks employ 3,500 workers and pump $800 million into the local...
Now 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...