Word: laundering
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...civilian police force, which replaced the corrupt army-officer corps loyal to Noriega, is getting $20 million worth of U.S. training and equipment. Thanks to an accord reached last year, American investigators have access to secret Panamanian bank records whenever they suspect that accounts are being used to launder drug money. Now that Panama requires local banks to file meticulous reports on large deposits of cash, the cartels are no longer able to make millions of dollars disappear into a financial black hole. Efforts to set up similar laundering systems in Luxembourg and Uruguay have been thwarted, and some Latin...
Psst. Need to launder some dirty money? No problem. Pakistan's central bank placed some eyebrow-raising advertisements in the Wall Street Journal last week, offering to sell Pakistani government-backed bonds to anyone with cash. "No questions asked about the source of funds," says the ad. "No identity to be disclosed." The State Bank of Pakistan, which placed the ads, may be picking up where another Pakistani bank -- the corrupt Bank of Credit & Commerce International -- left...
...MAXWELL WAS KILLED! A rumor among cynical Israeli journalists is that Maxwell was an agent for the Mossad, Israel's spy agency. Thus Israel's enemies rubbed him out. Or was it that the Mossad executed Captain Bob to prevent him from exposing secrets? Or did he launder millions from secret arms sales to Iran and get killed "to shut him up." Then there's the one that Maxwell was hammered by New York Mafia hit men angry about layoffs at the Daily News. Or maybe...
...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...