Word: laundering
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Dates: during 1990-1999
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Western businessmen aren't the only people who view Eastern Europe as a growth area. Drug traffickers have already chosen the region as a prime spot to launder money, according to U.S. drug enforcement officials. The local banks lack modern record-keeping systems; to make matters worse, some government officials want to establish confidential numbered accounts to attract hard currency. Justice Department operatives are quietly contacting their East European counterparts to warn them that secrecy laws will almost certainly bring in the kind of tainted cash that regularly flows to Panama and the Caribbean...
Awan was one of five B.C.C.I. officers later convicted of conspiring to launder cocaine cash and sentenced to 12 years in prison, but he did not testify at his trial. Nor did the government play his taped conversation for the jury. For its part, B.C.C.I. forfeited the $15 million that agents had deposited but was not required to pay additional penalties...
Like so many who breathe the intoxicating air of power, Durenberger thought he could get away with bending the rules. Limits on speaking fees? Launder the money by counting excess payments as book-promotion fees. Trips to a marriage counselor in Boston too expensive? Arrange business lunches and collect honorariums. Need some extra income? Bill the government rent for staying in a condominium you own. Not until after the committee issued its recommendation did Durenberger concede that "I have made serious mistakes. I acknowledge them and accept full responsibility...
...Sicilian Mafia "the Octopus," and justly so. As investigative reporter Claire Sterling shows, its tentacles have branched from Palermo over the past 30 years to get a global stranglehold on the $100 billion heroin market -- and a major stake in the new cocaine trade. With billions in profits to launder annually, the Sicilian Mafia also ranks as the world's most profitable multinational, showing a return of 1,600% on its investment...