Money Laundering Bulletin

This month Sue Grossey breaks her progress through the ten EU accession states to review the anti-money laundering regime in Slovakia.

To many observers in the anti-money laundering field, there could scarcely be a greater contrast than that which exists between two neighbours in South East Asia: Singapore has a ‘squeaky clean’ reputation and vigorous law enforcement policy while Indonesia, a sprawling archipelago, has a long history of corruption and, more recently, has been labelled the regional centre for international terrorism. Mark Rowe examines the jurisdictions’ weaknesses and their legal and regulatory infrastructures.

Timon Molloy, Editor

Superficial KYC is to KYB (know your customer’s business) what a leisure break is to extended independent travel through the same territory. It is all too easy to tick off the main sights and believe that one has gained an adequate understanding of the country; true insight though results from careful reflection, observation and questioning, an approach that finds favour with the Financial Services Authority in Discussion Paper 22 “Reducing money laundering risk”. A tried and tested method to prepare for a journey is to listen to as many of those who have already passed or who intend to follow the same route as possible. The Securities Institute’s Money Laundering Prevention Update Forum 2003 earlier this year and WestLB and Westdeutsche ImmobilienBank’s joint money laundering seminar more recently offered valuable opportunities to learn more about the risk-based approach to customer due diligence and what it means to be suspicious. Timon Molloy reports.