An American intelligence officer, Hughes, has defected to the enemy with the only copy of an encoded top-secret message. The IMF must get to him, get him out, discredit him, and recover the message before the enemy can get a cryptographer, Belson, to work on the message. Rollin takes Belson's place, and sets it up so that Ambassador Brazneck, in charge of Hughes, believes that Dan is going to buy the papers from someone in the embassy. Rollin-as-Belson works with Hughes to decode the message, then drugs him. Willy gets special agent Tina Mera, a contortionist and acrobat, into the embassy through a fake air duct. She uses a fake bed covering to make Hughes ""disappear"", then break into the vault and get the real message. With Hughes out, Briggs picks up the fake message from someone pretending to be Hughes, who has ""disappeared"" from the embassy. Tina returns, plants money on Hughes, and removes the fake disappearing bed cover. Brazneck believes Hughes has betrayed him and Hughes flees

Syndicate members Trask and Mason control the Syndicate's illegal racing operations, while Trask ruthlessly dispatches the competition - the IMF must take them out. Trask is jealous of thoroughbred owner Mason so Jim offers him a mysterious but promising racehorse - Trask finds out the horse is a kidnapped fast-racer. The IMF arrange for him to get the horse and then place a number of bets on the horse in Trask's name. After keeping Mason from having the horse killed, Trask's horse wins and the IMF get the $4 million from the Syndicate funds, leaving Trask to hold the bag.

Reese Dolan is the new Syndicate heroin distributor on the East Coast. Dolan uses an island base off the coast of northwest Africa and is going to use it as a distribution point for heroin into the U.S - the IMF must identify his overseas opium source and get the evidence to convict him. Dolan is being financed by an underworld figure, Madame Renada, whom he has never met, so Jim and Barney fly him and his men not to the island but to a lookalike off the coast of Georgia, where Casey assumes the role of Renada. Reese calls his distributor in Istanbul and the IMF has the delivery plane taken into custody. An IMF flyer makes the delivery which Dolan apparently converts to heroin and sends on its way, while Reese's supplier, Hajii, suspects a double-cross when his pilot doesn't return and calls Dolan's distributor, Cleff. Willy tries to sell heroin to Clegg and then is ""forced"" to tell that Dolan still has it, then lead Clegg to the fake island. Dolan finds out he still has the opium, and

The Marnsburg Crown Jewels were brought to the U.S. and stolen from the UN Building - Jena Cole, a thief, is believed responsible but have no leads on the location of the jewels. The IMF must recover the jewels before the hostile Marnsburg government makes a case out of it. Jena is to turn the jewels over to the Syndicate, which financed the theft. Barney manage to get close to Jena and she finds he has plans to the Marnsburg Consulate. Meanwhile, the IMF return the ""real"" jewels, claiming the first ones were fake and confirming it throuigh her diamond fence (a IMF replacement). Jena and Barney team up to get into the consulate and steal the ""real"" jewels and turns them over to Jim the creditor, so Jena tries to fake him out for substituting her supposedly fake gems for the ""real"" ones, then sneak out. The Syndicate shows up and figures out which gems are which, and the police take everyone, including Jena, into custody.