Word: laundering
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Dates: during 1990-1999
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...Russian President Boris Yeltsin. In a series in the daily Komsomolskaya Pravda, he quoted extensively from confidential party memorandums revealing that in 1988, eager to acquire foreign currency, the Communists had set up an "invisible party economy" that permitted them to hide money in overseas joint ventures and launder it through a network of domestic and foreign commercial banks. According to another story in the paper, since last December alone, the party has sold 280 billion rubles for $12 billion in U.S. currency, which was then funneled through party-controlled Soviet banks to secret accounts in Western financial institutions. Investigators...
Drugs: "Washington's been parading programs for 30 years with no success. Enough talk--it's time for some action. I think you have to cut off the problem by making it impossible to launder money outside the U.S. The way to do that is to make our international currency a different color. That way, it will be easily traceable." (OK, OK, I didn't say all of them made sense...
Even as those probes got under way, investigators in Colombia and Luxembourg examined dealings between Jose Gonzalo Rodriguez Gacha, a leader of the Medellin cocaine cartel who died in a 1989 shootout with police, and a Colombian shadow bank that B.C.C.I. used to launder drug money. Among other things, the probers want to know why Colombian prosecutors slapped B.C.C.I. with a token $10,000 fine after discovering that the shadow bank took in a whopping $45 million in foreign currency in just six months in 1986 -- six times the amount B.C.C.I.'s Colombia branch reported for the entire year...
...much money did your bank launder...
...Cali imagination shines when it comes to the art of smuggling. Medellin brazenly shipped cocaine across borders in fast boats or light planes with extra fuel bladders. Calenos prefer the slow but safe merchant marine. The cartel has devised endless ways to hide contraband in commercial cargo and launder it through third countries. U.S. Customs can check perhaps 3% of the 9 million shipping containers that enter U.S. ports annually, making the odds very favorable for Cali...