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The Abacha affair – both regrettable and encouraging
In the past Switzerland has been a byword for convenient secrecy, a country in which bankers could be relied upon to accept funds without asking too many awkward questions about their provenance. However, recent scandals, including the use of Swiss..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Information-gathering overseas
The recovery of assets in a fraud action commonly entails evidence collection and questioning of witnesses overseas. In the first part of a two-part article, Norton Rose, the international law firm, which has its principal office in the City of London, presents the responses that it has received from foreign lawyers in Bermuda, the British Virgin Islands, Gibraltar, India, the Isle of Man, and Liechtenstein to a series of specific questions on local information gathering and use.
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Practical money laundering
In this article Richard Smolicz, Group Money Laundering Reporting Officer of the Nationwide Building Society, presents “a view from the trenches”. He looks at the spirit of UK money laundering legislation and suggests ways of developing an integrated money laundering prevention approach to compliance.
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Assets: gathering evidence
Fraudsters are highly skilled at concealing and dissipating assets but prompt and effective use of freezing injunctions and disclosure orders can greatly improve the chances of retrieval. In the first part of a two-part article, Deirdre Walker and Harriet Levy of the Corporate and Banking Litigation Group at Norton Rose, London adopt a practical approach to tracing and recovery.
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Abolition approved
The Liechtenstein Bankers’ Association has formally approved a measure to eliminate anonymous accounts. Non-compliance carries the ultimate sanction of expulsion. The ordinance will take effect from 1 October 2000 and covers both new and..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Dominica seeks to catch up
The government of Dominica has tabled new legislation which, for the first time, would require companies to co-operate with requests for information made by criminal investigators from foreign jurisdictions. The draft measures, which come in..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Polish passage
The Polish parliament gave unanimous backing to the draft law on money laundering last month. Under the new legislation, financial institutions will have to report all transactions that exceed 10,000 euros to a general inspector of financial..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
From terrorism to organised crime
Peter Mandelson, the Northern Ireland Secretary, announced plans to create a confiscation agency in the Province to deprive those involved in drug-trafficking and racketeering of the proceeds of crime, when he spoke at the annual Labour Party..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Canada checks the post
Canada’s banks have declared themselves willing to assist the US authorities crack down on illicit cashing of US postal orders but they have also asked for further information that will help them to assess whether money laundering is involved...
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Uganda advance
Uganda has set up an anti-money laundering body chaired by Edward Katimbo Mugwanya, Director of Supervision at the Bank of Uganda. The nine-man committee includes representatives from the Uganda Institute of Bankers, the state attorney’s..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Approved but delayed
The South African cabinet has approved an anti-laundering Financial Intelligence Centre Bill but it is unlikely to be passed this year due to pressure on parliamentary time. The bill imposes know your customer requirements and suspicious transaction..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000
Not so non-co-operative now
The name and shame tactics adopted by the Financial Action Task Force in its bid to force 15 non-co-operative countries and territories (NCCTs) to tighten up their anti-money laundering regimes appear to be working. That was the message of the..
Online Published Date:
01 October 2000
Appeared in issue:
77 - 01 October 2000