Ehrenfeld, Rachel. Evil Money: Encounters Along the Money Trail. New York: HarperCollins, 1992. 298 pages.

Rachel Ehrenfeld is one of a group of semi-investigative reporters who made a name for themselves by playing up evidence that international terrorism was Soviet-sponsored. Another is Claire Sterling. Now that the old angles have been overtaken by events, both of them find their investigations leading in other directions. In 1990 Sterling came out with a fine book on the Sicilian Mafia and the Pizza Connection, and Ehrenfeld, an Israeli who lives in New York City, has written this volume on drugs and money-laundering. Each begins to discover that corruption is closer to home than they once believed.

Ehrenfeld includes fifty pages on BCCI, and has chapters describing the "narcocracy" in Colombia and Lynden Pindling's drug-dependent regime in the Bahamas. Other chapters look at Medellin money-laundering techniques, including some in the U.S., based on court records and media accounts. With 294 foreign banks operating in the U.S., the regulatory system is no match for those who need to launder huge sums of money. "All too often it is the privileged and the well heeled who promote, distribute, and launder the profits from this illegal trade.... Adam Smith's `invisible hand,' a metaphor for enlightened self-interest in a free market society, is now stabbing itself in the back."
ISBN 0-88730-560-1

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