Word: switzerland
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Other havens in Europe are also feeling pressure. Switzerland, for generations a watchword for banking secrecy, two years ago began to allow the financial curtains to be parted in investigation of possible criminal offenses. In two of the more recent high-profile cases, authorities investigated nearly $500 million deposited in 19 banks by former Nigerian dictator Sani Abacha and an undisclosed sum frozen in nine bank accounts controlled by the Ivory Coast's former leader, Henri Konan Bedie. James Nason, a Swiss Bankers Association official, says that since a new money-laundering law went into effect in April...
...course that started with a swim in Sydney Harbor. She looked to be in good shape there--Australian athletes perform best when wet. Plying waters ringed by shark-repelling sonar devices, Jones avoided becoming fish breakfast, then took the lead in the bike race. But she could not repel Switzerland's Brigitte McMahon in the run. The Swiss held her off in a desperate finish after they had traveled a total of nearly 32 miles in two hours...
...positive action, we should free all non-fossil-carbon energy technologies from taxes for five or even 10 years of active production and sales. There is nothing like the lure of no taxes to stimulate businesses to come up with creative solutions to "insoluble" problems. ARTHUR M. HOWARD Daettlikon, Switzerland...
...view of the monstrous U.S. trade deficit--a hemorrhage of greenbacks spent on foreign goods that is currently heading toward $400 billion a year--it is a bit surprising that that hasn't happened already. The reason, says Blinder, is that "the representative centimillionaire in a neutral country like Switzerland or Singapore, sitting down to figure out where to put his last $10 million, is saying, 'The U.S. looks pretty good.'" So the dollars spilled abroad by the trade deficit come right back in the form of investment, and the buck stays strong...
When a man knows he is to be hanged in a fortnight," quipped essayist Samuel Johnson, "it concentrates his mind wonderfully." For Liechtenstein, the tiny banking haven snuggled on Switzerland's eastern border, concentration seemed in order last June. After years of cajoling, the world's richest nations had placed the principality on a blacklist of countries that failed to adopt sufficiently tight rules to deter money laundering. Although no specific misdeeds were mentioned, the designation by the Financial Action Task Force on Money Laundering would have made dealings with those countries difficult for major foreign banks. Banking and related...