Word: willful
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Dates: during 1980-1989
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...make a dent in the money-laundering trade, authorities will need more support from the financial community. "They're now willing to tell us about people coming in with bags of cash," says a regulator, "but as far as anything else goes, you can forget it." Yet many bankers think the feds have become indiscriminate in their crackdown. "They are characterizing traditional, ordinary, international banking transactions as money laundering," gripes Gerald Houlihan, a Miami attorney who represents financial institutions in money-laundering and forfeiture cases. "They are not going after money launderers, but are attempting to terrorize banks...
But there is more at risk than the dislocation of business as usual. Many experts believe the financial stability and national security of whole countries will be in jeopardy until the problem is solved. Says the head of the Italian treasury police, General Luigi Ramponi: "Now that they are too...
...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 of the solution, you are part of the problem...
Yet there is still a deep-seated reluctance to take drastic measures. Briefing reporters after a Paris conclave on money laundering last September, a senior U.S. official declared that global efforts to trace drug money will have to be balanced against the freedom from unnecessary red tape. Too many controls...
Soviet and U.S. officials have essentially agreed to reduce their forces in Europe to 275,000 each. But some NATO allies are dragging their feet on peripheral issues. British and French negotiators are wary of any deal that reduces the size of their independent air forces -- so wary, in fact...