Word: swiss
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Dates: during 1980-1989
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...laws to get his savings out of the country; a multinational corporation that seeks to "minimize" its tax burden by dumping its profits in tax-free havens; a South African investor who wants to avoid economic sanctions; an East German Communist leader who stashed a personal nest egg in Swiss bank accounts; or even the CIA and KGB when they need to finance espionage or covert activities overseas...
...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 terms. Explains Jean...
...compels offshore financial institutions to make their books "transparent" enough to show the true owners of the money. In the end, the Colombian drug cartels are about to force the world to re-examine the international financial system that has developed haphazardly over the 60 years since the Swiss first popularized secret banking. Countries may not yet be willing to make their banking transactions fully "transparent," but some light must be shed on everyone's books. Says Kerry: "It will take significant leverage and leadership. The President has to have the top bankers in and say, 'Unless you are part...
There has been one scandal that adds up to major marks. The Politburo's once powerful economic czar, Guntar Mittag, and Alexander Schalck-Golodkowski, a shadowy financial dealer and former state secretary for foreign trade, are suspected of helping divert to Swiss bank accounts tens of millions of dollars' worth of hard currency. The proceeds came from the illegal sale of arms, artworks and other goods. The affair has become known as the Ko-Ko scandal, after the office of Kommerzielle Koordination, through which the funds were funneled. Last week Schalck-Golodkowski surfaced in West Berlin, offering to return some...
...Many voters just thought of the opening of the Berlin Wall. They thought, 'O.K., we can get rid of arms because there's no danger,' " suggests Kurt Spillmann, a professor at the Federal Institute of Technology in Zurich. But the willingness of so many Swiss to vote, in effect, against the army indicates a disaffection that would once have been unimaginable...