Word: luxembourg
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Dates: during 1980-1989
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...triggered the freezing of $60.1 million in bank accounts in five countries that contained the personal income of Jose Gonzalo Rodriguez Gacha, a leader of the Medellin cartel. Using financial records and computer disks captured by the Colombian government, U.S. agents traced Rodriguez money to accounts in the U.S., Luxembourg, Switzerland, Austria and Britain...
Drug Enforcement Administration officials told TIME that one of Rodriguez's purported financial advisers, Panama-based Mauricio Vives, tried desperately to keep moving the money one step ahead of the agents. Vives called a British banker and told him to move several million dollars, fast, to an account in Luxembourg. If the bank were to delay, his Colombian client would kill him, Vives pleaded. The banker refused, and British authorities cooperating with the DEA froze the account. Not all countries were as helpful. U.S. agents said they tracked Rodriguez's money to the Cayman Islands, Spain and Montserrat, but local...
They apparently are, since many small countries have successfully attracted banking business by creating discreet, tax-free havens. In Luxembourg total bank deposits have grown from $40 billion in 1984 to more than $100 billion last year. In the wake of a drug-money scandal involving the Florida operations of Luxembourg-based Bank of Credit and Commerce International, the country has tried to burnish its public image by declaring money laundering a criminal offense, even while it has fortified its bank-secrecy rules...
Hitler decided to rethink the whole strategy. The French defense was based on the "Maginot Line," a chain of fortifications that stretched 200 miles along the frontier from Switzerland north as far as Luxembourg. Built at a cost of $200 million (a substantial sum at a time when a workman earned about $3 a day), the Maginot Line was considered invulnerable; its strongest outposts bristled with antitank guns, machine guns and barbed wire, and boasted concrete walls 10 ft. thick as well as supply depots 100 ft. underground. To the north of the Ardennes Forest, which was only lightly fortified...
Many Senators are openly predicting the defeat of at least one nominee: Frederick Bush, Ambassador-designate to Luxembourg. No relation to the President, Bush served as the Vice President's deputy chief of staff in the Reagan Administration. He has been accused of using his connections to garner some $600,000 in HUD-related consulting fees. In an appearance last month before a House subcommittee, Bush recanted earlier sworn testimony in which he claimed that he barely knew the former HUD officials suspected of handing out federal housing contracts to well-connected Republicans. "I would guess it might...