home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
TIME: Almanac 1990
/
1990 Time Magazine Compact Almanac, The (1991)(Time).iso
/
time
/
101689
/
10168900.015
< prev
next >
Wrap
Text File
|
1990-09-19
|
1KB
|
17 lines
BUSINESS, Page 60Business NotesMONEY LAUNDERINGPutting an Ear To the Wires
Over the past two weeks, U.S. law-enforcement authorities have
seized almost 35 tons of cocaine destined for the streets of
America. A much bigger blow could be struck against the drug trade,
however, if ways could be found to seize the cocaine cartels'
funds. U.S. Assistant Treasury Secretary Salvatore Martoche said
last week that the Bush Administration would move in that direction
by trying to track the billions of dollars in electronic money
transfers that move in and out of the U.S. each day. The goal: to
identify and perhaps confiscate at least some of the more than $100
billion in drug funds laundered through the international banking
system each year. Finance experts have long called for increased
surveillance of so-called wire transfers. The task will be daunting
because $1 trillion or more moves through banking wires each day,
and the Government lacks the resources to monitor it all.