Word: taxed
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Dates: during 1980-1989
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What makes enforcement so difficult is a financial murkiness that has long frustrated tax collectors as they search for dirty money afloat in the world's oceans of legitimate payments. The multibillion-dollar flow of black money, the profits from criminal enterprise, moves through the world's financial institutions as part of a vastly larger quantity of gray money, as bankers call it. This dubious, laundered cash amounts to an estimated $1 trillion or more each year. Often legitimately earned, this money has an endless variety of sources: an Argentine businessman who dodges currency-control laws to get his savings...
...world's prosperity depends on a fluid and unfettered financial system, yet the lack of supervision is producing a large shadow economy. The IRS estimates that tax cheats skim as much as $50 billion a year from legitimate cash-generating businesses and launder the money to avoid detection. Banking experts calculate that the private citizens of debt-choked Latin American countries have smuggled more than $200 billion of their savings abroad in the past decade...
They apparently are, since many small countries have successfully attracted banking business by creating discreet, tax-free havens. In Luxembourg total bank deposits have grown from $40 billion in 1984 to more than $100 billion last year. In the wake of a drug-money scandal involving the Florida operations of Luxembourg-based Bank of Credit and Commerce International, the country has tried to burnish its public image by declaring money laundering a criminal offense, even while it has fortified its bank-secrecy rules...
...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 as the New Hebrides, have found that international finance beats coconut and taro farming. In Port Vila, the capital, it is not unusual for a $100 million transaction between major international banks to take place on any given...
...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 in a crowded Virginia office littered with discarded coffee cups, overflowing ashtrays, computer terminals and maps of the world. "We're going to be a financial think tank to help train cops who are deluged in financial data," says Gene Weinschenk, acting director of FINCEN's research-and-development division...