Word: laundering
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...Customs commissioner in the area. But others voice skepticism as to how soon they will get the promised men and gear. Some wonder whether much can be accomplished without a stronger crackdown on the largely unregulated casas de cambio that exchange dollars for pesos and are thought to often launder drug money along the Mexican border. Sixty or so have sprouted on the main street of San Ysidro, Calif., alone...
...million-a-week, five-state gambling ring. They hid their profits, the indictment states, by changing cash into bank checks and money orders, which then made their way into numerous Shearson accounts. The funds were mostly used to buy municipal bonds. Thus the defendants allegedly managed to launder their gambling proceeds by putting them into legitimate investments...
...city's respected First National Bank has been accused in an FBI affidavit of having failed to report huge cash transactions with firms controlled by the Angiulos, as required by law. William Brown, the bank's chairman, admitted last week that the Mob may have "used" the bank to launder more than $2 million in cash, but if so, he claimed that bank officials had helped "unwittingly...
...dons were also shrewd enough to invest their profits in diversified holdings: they now own extensive real estate in Florida, half of the approximately 200 high-rises along Panama City's oceanfront, and a variety of small businesses and financial institutions, like currency-exchange houses, through which they can launder their profits. "These guys don't rob banks," says Craig Vangrasslek, who studied the drug industry on a Fulbright scholarship in Bogota. "They buy them." Soon the drug pipeline was operating as smoothly and as punctually as a regularly scheduled airline. Almost every day, soon after dawn, Colombians in sleek...
...teller's window with a few dollars less than $10,000 in cash. Couriers known as "Smurfs," referring to the cartoon characters, flit from bank to bank buying cashier's checks and money orders for just under the reporting limit. One of the most popular ways to launder money in Florida now is to buy real estate. An estimated $2.5 billion worth of property in that area is believed to have been bought with drug profits...