Aruba Picture
Money Laundering and Financial Crimes
Notwithstanding the muddling of capital flight into the picture, money laundering remains a pervasive problem in Russia. For the years 1996-1998, unauthorized capital exports averaged $25 billion a year. Russia's enormous resources and size, combined with the prevalence of organized crime, corruption, and an inadequate legal framework, make it a risk for money laundering by any standard. ... [Read More]
M) Money Laundering and Financial Crimes
A planned amendment of the Banking Act to implement the EU’s Money Laundering Directive on the prevention of the use of the financial system for the purpose of money laundering, as amended in 2001, and to incorporate changes related to terrorism financing and implementation of stricter identification requirements (for trustees and beneficial owners, and by requiring banks to ask for and make a copy of an official picture ID and terminate entries of “personally known customer” in banks’ records) was not sent to Parliament due to the GOA’s early break-up in September 2002. ... [Read More]
International Narcotics Control Strategy Reports
INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORT, APRIL 1993US DEPARTMENT OF STATEBUREAU OF INTERNATIONAL NARCOTICS MATTERSDEPARTMENT OF STATE PUBLICATION 10047RELEASED APRIL 1993This publication is for sale by the Government Printing Office, Superindendent of Documents. Stock No.: 044-000-02370-9 EXECUTIVE SUMMARYPOLICY AND PROGRAM OVERVIEW FOR 1992April 1, 1993In 1992, despite some setbacks, the international anti-drug effort gained further strength, forcing a highly adaptable international drug trade to shift tactics and operations. Under the leadership of the United States, more countries have joined the battle against the drug trade in earnest. Closer coordination between governments--particularly in training and police enforcement activities-- increasingly effective multilateral action against money laundering and essential and precursor chemicals, as well as continuing reforms of national legal regimes to meet the requirements of the 1988 UN Convention, have kep ... [Read More]
International Narcotics Control Strategy Reports
US DEPARTMENT OF STATEBUREAU OF INTERNATIONAL NARCOTICS MATTERSINTERNATIONAL NARCOTICS CONTROL STRAGEGY REPORTAPRIL 1994[DEPARTMENT OF STATE PUBLICATION 10145] TABLE OF CONTENTSEXECUTIVE SUMMARYPOLICY AND PROGRAM DEVELOPMENTS IN 1993 1Political Will and Corruption 3Chemical Controls 4Money Laundering 5Demand Reduction 6United Nations 7Cocaine 8Opium and heroin 9Next Steps 12Methodology 14Status of Potential Worldwide Production 16Cultivation and Production Charts 19UN Convention signatories 22Country Summaries 27FY 1993-1995 FISCAL SUMMARYAND FUNCTIONAL BUDGET 60LEGISLATIVE BASIS FOR THE INCSR 62INTERNATIONAL TRAINING ... [Read More]
Department of State Washington File: Transcript: Admiral Blair Says Indonesia Must Reform Military
I need to tell you just how angry the American people are from the events of September 11th. I know to everyone in foreign countries that was a picture on a screen on CNN. To us it was friends and neighbors and relatives who were killed. The United States is angry about that and we are pursuing a campaign against those who perpetrated it and to prevent something like that happening again. We will pursue that very strongly in the weeks and months ahead and no one should underestimate that resolve. It will take money, it will take people, it will take perseverance, and we will do all of that. That's what we have to do to defeat terrorism. ... [Read More]
Foreign Entry Requirements
U.S. Department of State [Read More]
Money Laundering and Financial Crimes
The People's Bank of China (PBOC)--China's central bank--has issued internal regulations that require currency transaction reports for all transactions involving Renminbi (RMB) 50,000 (US $6,000) or more. The PBOC also has issued rules concerning the recording and reporting of currency transactions at the county level, as well as a circular to Chinese banks regarding the reporting of suspicious transactions. Withdrawals of RMB 200,000 (US $24,000), deposits of RMB one million (US $120,000), or a series of aggregate transactions totaling RMB one million must be reported to the PBOC. At the county level, withdrawals of RMB 50,000 (US $6,000) require picture identification. However, central bank supervisors do not verify compliance with these rules. ... [Read More]
M) Money Laundering and Financial Crimes
That Act also established "Know Your Customer" (KYC) requirements for financial institutions and obliged them to verify by December 31, 2001 the identities of all their existing account holders and of customers without an account making transactions over $10,000. In mid-December 2001, the chief legal advisor to the Bahamas Financial Services Board estimated that The Bahamas had completed between 80 to 95 percent of the KYC requirement for old accounts. Funds in accounts that remain unidentified or whose owners fail to comply with documentation requirements will be transferred to the Central Bank after the deadline. Amendments to the Act passed in August allowed the Minister of Finance discretion to extend the deadline for six months to a year; in December he extended the deadline until the end of June 2002. All new accounts established in 2001 had to be in compliance with KYC rules before they were opened. The KYC requirements caused complaints by Bahamians who were unable to produce a ... [Read More]
International Narcotics Control Strategy Reports
US DEPARTMENT OF STATEBUREAU OF INTERNATIONAL NARCOTICS MATTERSINTERNATIONAL NARCOTICS CONTROL STRAGEGY REPORTAPRIL 1994FINANCIAL CRIMES AND MONEY LAUNDERING1994 INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTINTERNATIONAL MONEY LAUNDERINGOVERVIEWIntelligence findings from North and South America, Eastern and Western Europe, South and East Asia, Africa and the Middle East confirm that another significant shift has occurred in money laundering trends and methods, requiring changes in policy and strategy for 1994.The critical aspects are the volume of non-drug related money laundering; increased investment of illegal proceeds in legitimate business, including the financial industry; and the targeting of financial systems in countries/territories (some with little or no domestic involvement in drug trading or other serious proceeds-generating crimes) to launder drug and other proceeds generated by crimes committed in other jurisdictions.In 1988, when the United Nations Convention was ... [Read More]
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