Money Laundering Bulletin

Hungary has always been in the vanguard of former Communist Central European states in terms of economic development and was a clear candidate for early entry into the European Union. In keeping with this progressive approach the country was quick to respond to international criticism of deficiencies in its anti-money laundering regime but gaps remain, says Sue Grossey.

Six months ahead of Cyprus’s accession to the European Union, the European Commission has concluded that Cyprus’s legal framework for money laundering is comprehensive and that the second money laundering directive has been largely transposed. Katerina Joannou reports.

What should an MLRO do when a central bank fails to provide confirmation that it wishes to open an account with a UK financial institution? MLB put the question to Sue Thornhill, Director of MHA Consulting and author of the Joint Money Laundering Steering Group Guidance Notes, to Brian Dilley, Head of Deposit Taking and Financial Stability, Enforcement Division, Financial Services Authority and to a group of experienced UK MLROs.

The European Union is set to expand east and south in May 2004 as it welcomes 10 new members. Are these jurisdictions willing and able to play an effective part in the fight against money laundering? Alan Osborn investigates.

The 19th century saw imperial rivalry create the “Great Game”, when Russia and the British Empire vied for hegemony in the region which, after the Bolshevik revolution, became known as Soviet Central Asia. The old Great Game was tied to control of India, and to gems and gold. Today, says Mark Rowe, a new version, involving oil and terrorism, mean that the same territory is, increasingly, the focus of international anti-money laundering efforts.

Enter the UK Money Laundering Regulations 2003…