Word: orly
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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...
The Government now requires banks to keep an eye out for Smurfs, but launderers have developed new techniques. Since retail businesses that collect large amounts of cash are often exempt from the $10,000 rule, launderers have created front companies or collaborated with employees of such outlets as 7 Elevens...
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...
In the U.S. a 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...
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...