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Money Laundering Bulletin RSS feed

Information-gathering overseas

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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.

Practical money laundering

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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.

Assets: gathering evidence

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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.

Abolition approved

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..

Dominica seeks to catch up

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..

Polish passage

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..

From terrorism to organised crime

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..

Canada checks the post

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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...

Uganda advance

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..

Approved but delayed

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..

Not so non-co-operative now

Online Published Date : 01 October 2000 | Appeared in issue: 77 - 01 October 2000

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..