Money Laundering Bulletin

The market for anti-money laundering software has seen strong growth in the last twelve months, in the wake of the FATF Non Cooperative Countries and Territories (NCCT) initiative and latterly following the September 11 attacks. The major players were all in evidence at Money Laundering Alert’s Seventh Annual International Money Laundering Conference in Miami, USA and Timon Molloy took the opportunity to discuss their technologies. This two-part report, which features additional material by Emily Brayshaw and concludes next month, reviews the vendors in no particular order.

The Financial Action Task Force report, “Review to Identify Non-Cooperative Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures”, published in June 2000, was the first salvo in the latest campaign against jurisdictions with defective anti-money laundering regimes. Fifteen were named and shamed in the report. Since then the list has been reviewed at intervals – in February, June and September 2001 and February 2002 – and many changes have been made. Hungary and Ukraine, which Sue Grossey discusses in this article, are relatively new additions.

The Money Laundering Alert Annual International Money Laundering Conference has become arguably the premier global event in its class. Last year it attracted over 600 delegates from 40 countries and this year, the seventh, numbers were even higher. In his first report Timon Molloy records some expert views on anti-laundering software.

The new money laundering offences contained in Part VII of the Proceeds of Crime Bill have implications that are much wider and more onerous for the regulated community than was first thought, argues David Corker of Corker Binning Solicitors.

The Indonesian House of Representatives passed the money laundering bill at the end of March but legal experts believe that it may be flawed.The Constitution requires a minimum of half the 500 legislators to pass any law but only 10 per cent were..

The new Financial Monitoring Committee may yet secure Russia’s removal from the FATF NCCT list in June.Victor Zubkov, FMC chairman, who is also deputy finance minister, certainly hopes so. He signed a technical assistance agreement with the US..

The Proceeds of Crime Bill was placed before the House of Lords for its second reading on 25 March. It arrived “in fairly good shape” according to Lord Rooker, after 115 hours of debate in the lower house. Running to 304 pages, 454..

At the end of March the Financial Action Task Force published guidance for jurisdictions, especially non-members, to help them assess their compliance with the Eight Special Recommendations (SRs) on Terrorist Financing which it issued at the end of October 2001. MLB runs through their counsel.