Cabinet makes tougher stance on laundering aim

At a meeting earlier this month, the Czech cabinet was presented with information on the function of their operations to fight money laundering. Experts estimate that almost CZK180billion were laundered in the Czech republic between 1993 and 1997 alone, the result of drug trafficking, prostitution, embezzlement, stocks manipulation and tax fraud. Finance Minister Pavel Mertlik was instructed by the cabinet to present a proposal for specific measures for dealing with this sort of criminal activity, which is having an adverse affect on the Czech economy. After the meeting, Mertlik told reporters, “After a law took effect in June 1996 on measures against the legislation of proceeds from criminal activities, the Finance Ministry set up its own financial-analytical unit (FAU). Its activities resulted in 97 criminal complaints and last year alone 1,699 cases of suspicious financial transfers were investigated”.