10 most notorious money laundering cases of the 20th century

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Have you heard of these money laundering cases?

Money laundering is the process by which illegally obtained cash is made to appear as if it has been obtained by legal means. The funds are moved into valid accounts or businesses in order to hide or disguise the financial trail that leads back to the criminal activity. In 1996, it was estimated that between 2 and 5 percent of the world’s gross domestic product consisted of laundered money…

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Swiss Authorities Freeze Bank Accounts Belonging to Russian Tax Officials

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A group of Russian tax officials is alleged to have helped steal $230m (£140m) from the Russian state in an elaborate tax fraud.

Authorities in Switzerland are reported to have frozen dozens of bank accounts belonging to Russian tax officials.  This is part of a criminal investigation into claims that the funds on them are derived from the biggest tax fraud in Russian history.  The Swiss authorities began investigating after UK investment fund Hermitage filed a complaint against a group of Russian tax officials it alleged had helped steal $230m (£140m) from the Russian state in an elaborate tax fraud.

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Cash-strapped States Go After Billions of Dollars in Unclaimed Life Insurance Benefits

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States have laws stipulating that the government becomes the owner of abandoned property after a period of time.

Billions of dollars in unclaimed life insurance benefits are at the center of a legal wrestling match as cash-strapped state governments step up their efforts to make sure insurance companies properly account for the funds.

 

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Pension Fund Crisis Looming

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Pension funds for police officers and other public employees have been battered and face a long recovery

The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees.

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Your Personal Space Shuttle For $42 Million

Your Personal Space Shuttle For $42 Million 

 Space Shuttle

Of the thousands of “Once in a lifetime opportunity” ads you see on television and read in the papers, this one could actually be it. It’s not every day that a person gets a chance to own a Space Shuttle, but NASA is offering that to schools, science museums and “other appropriate organizations.” With the aim of generating funds for future missions, the space agency is willing to sell off Discovery, Atlantis and Endeavour once they retire in September 2010.

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