Word: years
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Dates: during 1980-1989
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...money-laundering center can be spotted by the huge surplus of cash that flows into the local branch of the Federal Reserve System. In 1985 the Miami branch posted a $6 billion excess. But after several years of intense federal probes of South Florida banks, Miami's cash glut fell last year to $4.5 billion. Much of the business went to Los Angeles, where the cash surplus ballooned from $166 million in 1985 to $3.8 billion last year. Despite such rocketing growth, the staffing of federal law-enforcement offices in L.A. still lags far behind the levels in Miami...
...contain an explosion of smaller-time money-laundering cases involving car salesmen, ordinary investors, real estate agents and other entrepreneurs. In Florida undercover IRS agents operating a sting operation that they touted as a "full-service financial-investment corporation" have nabbed 50 would-be money launderers in the past year. "Some are lawyers and businessmen who are skimming cash from their businesses, and they've heard about what you can do through an offshore bank," says Tampa IRS supervisor Morris Dittman. "Others have cash that rolls out of the drug trade. When a druggie buys a big home...
...requires the Treasury Secretary to negotiate bilateral agreements on money-laundering detection and prevention with all U.S. trading partners. Countries that refuse to participate or that negotiate in bad faith could conceivably be excluded from the U.S. banking network and clearinghouses. Yet in hearings earlier this year, Assistant Treasury Secretary Salvatore Martoche indicated that the Bush Administration is reluctant to enforce the law zealously for fear of hampering the U.S. banking industry...
Conservative activists were concerned that Bush had gone too far in pledging to help Gorbachev economically. Military experts doubted that treaties to cut nuclear warheads and European force levels could be completed by next June, or anytime next year. The President promised to "kick our bureaucracy and push it as fast as I possibly can" to meet the deadlines. Yet despite the smiles in Malta, the obstacles to arms control are more than bureaucratic; the two leaders did little to resolve fundamental disagreements...
...paid for and often requires expensive verification methods. Reducing conventional forces could save money, but not much: defense-budget experts from the Rand Corp. to the Congressional Budget agree that a 50% reduction in U.S. troops in Europe would yield savings of only $6 billion to $7 billion a year. Real savings would not occur unless troops based in the U.S. are demobilized, a politically unappetizing prospect because of its impact on local economies...