Word: switzerland
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Dates: during 1980-1989
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...charged. Serious questions are also being raised about his judgment and competence, specifically about his willingness to let the Vatican bank and its good name be used by international wheeler-dealers. At least eleven other official inquiries into Banco Ambrosiano's affairs are under way, in Italy, Britain, Switzerland, Luxembourg, the Bahamas and Peru. As those investigations stumble forward, the archbishop's once promising career is endangered, and the affair threatens to become an embarrassment for Pope John Paul...
...initial steps was to form a Luxembourg holding company, Compendium, which later became Banco Ambrosiano Holding. The advantage of a foreign subsidiary: it is not subject to Italy's banking regulations. Calvi's next moves were to use the Luxembourg holding company to set up banks in Switzerland, the Bahamas, Peru and Nicaragua, and companies in Panama, Luxembourg and Liechtenstein...
...wake of Calvi's death, a number of his associates reportedly fled Italy for South America and took large sums of money with them. Flavio Carboni, the business partner who had met with Calvi in London, was arrested in Switzerland. An Ambrosiano attorney says "many millions of dollars" were transferred to Carboni's Swiss accounts by Calvi some months before the trip to London...
...trio, already dubbed the "three wise men" by the Italian press, are Joseph Brennan, 71, chairman of the executive committee of New York's Emigrant Savings Bank; Phillippe de Week, 63, former president of the Union Bank of Switzerland; and Carlo Cerutti, 70, vice president of STET, the Italian national telecommunications company...
Thomas had good reason for elation. After six months of negotiation, the U.S. and Swiss governments last week jointly announced an agreement that will make it harder for criminals to hide behind Switzerland's strict banking-secrecy laws. The accord marks the first time that Swiss authorities have agreed to cooperate in tracking down those who break U.S. laws against trading securities with insider information. Said Thomas: "Insider trading has been proliferating at an alarming rate. But the agreement we have made with the Swiss should prove to be a significant deterrent...