Word: notting
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Dates: during 1980-1989
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As the financial center of gravity in the world has shifted toward the Pacific Rim, new tax and secrecy havens have multiplied on such remote islands as Nauru in the western Pacific and Palau and Truk in Micronesia. Citizens of Vanuatu, a volcanic archipelago of some 80 islands formerly known...
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...
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...
To close the gap, Bush's offensive against drug-cash handlers is being placed in the hands of a newly created task force that includes the CIA, the National Security Agency and the Pentagon, as well as a team of drug, tax and customs agents. FINCEN is already at work...
To make a dent in the money-laundering trade, authorities will need more support from the financial community. "They're now willing to tell us about people coming in with bags of cash," says a regulator, "but as far as anything else goes, you can forget it." Yet many bankers...