Word: laundering
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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...
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...