Money Laundering Bulletin

Global money laundering 11 - 13 February 2002 The Grosvenor House Hotel, Park Lane, London Tel: 0800 358 0358 (UK); +44 20 7878 6888 (from overseas) Fax: +44 (0) 20 7878 6885 Website: www.eurolegal.co.uk/moneylaundering Money..

Africa is a continent that fascinates and horrifies in equal measure.With its wild and beautiful landscape, its variety of cultures, its unrivalled flora and fauna, it has attracted visitors for centuries. With these gifts, however, come problems – ethnic unrest and extreme poverty among them. African countries, seeing the prosperity of countries in other parts of the world, long to emulate their economic success, but sometimes their efforts to modernise cause as many problems as they solve.Two very different African countries – Egypt and Nigeria – recently found their financial services sectors under scrutiny, when they were added to the list of non-cooperative countries and territories drawn up by the Financial Action Task Force.This month Sue Grossey examines Egypt.

The Australian Transactions Reports and Analysis Centre’s recent Compliance and Enforcement Policy states how it will help solicitors and cash dealers to comply with anti-money laundering regulations under the Financial Transactions Report Act 1988, and the ways in which Austrac will detect and deal with non-compliance. Emily Brayshaw outlines the Policy, and why Australia’s casinos are keen to comply.

A recent French Parliamentary Committee report described the efforts of the City of London and UK offshore financial centres to combat money laundering by terrorists and other criminals as “feeble”. Arnaud Montebourg, the report’s main author, further commented that “Great Britain does not cooperate with European countries and offers a totally unacceptable haven for criminal funds”. On 1 December 2001 the Financial Services Authority received authority to institute proceedings for an offence under the Money Laundering Regulations. However, it may be that the perceived relaxed anti-money laundering regime has much to do with the leniency of the courts in dealing with offenders. Michael Grant examines a number of recent rulings by the Court of Appeal (Criminal Division) when they have been asked to review sentences imposed for money laundering offences.

Last month Sue Grossey looked at money laundering regulation in Israel. In this article she moves north to consider how Lebanon has responded to its inclusion on the FATF list of non-cooperative countries and territories.

Deputies in the French parliament have lately been pointing the finger at other jurisdictions’ anti-laundering controls, but how effective is France’s own regime? Fabien Buliard investigates.

Increased scrutiny of financial transactions around the world may catch out terrorists and criminals alike. Guess where they will turn, to lend their operations a bit more credibility…? Sean Holohan of BDO Stoy Hayward in London considers a profession at risk.

The Taliban has yielded up Kandahar and, as we write, special forces are no doubt closing in on Osama bin Laden’s last refuge. The military endgame in Afghanistan may be in sight but the greater conflict is clearly far from over; President..

The 11 September events have spawned a host of lists of suspect individuals and organisations against which financial institutions are required or advised to check their existing account holders. So far the UK Financial Services Authority has not..

The British Venture Capitalists Association (BVCA), which represents UK private equity investors, who have invested UK£43 billion since 1983, issued guidance on money laundering to its members in November. Its task force on funding recommends..

The Indonesian House of Representatives is currently scrutinising a bill that will form the legal basis for a new Anti-Money Laundering Commission with wide-ranging investigative, interrogation, asset tracing and prosecution powers. In response to..

Albania has ratified the Council of Europe’s Convention on Money Laundering, imposing a duty on this poverty-stricken Balkan country to establish laws that allow the seizure of the proceeds of crime, even if these offences were committed..

Hungary extended the scope of its anti-laundering legislation at the end of November in a bid to secure removal from the FATF list of non-cooperative countries and territories. Under the new act anonymous accounts become illegal and existing..

Nauru, the tiny Pacific island with a population around 12,000 and 400 offshore banks, is the first jurisdiction to fall completely foul of the Financial Action Task Force’s naming and shaming initiative against non-cooperative countries and..

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