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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]

M) Money Laundering and Financial Crimes

In Somalia, there currently is an absence of regulated commercial banks. As a result, remittance companies are the primary conduits for moving funds into and out of Somalia. Although the overwhelming majority of these funds are used for legitimate purposes, a small percentage of transactions—sometimes labeled “black hawala”—mask the transfer of value for criminal purposes. The following is an example of how trade is used to provide counter-valuation for hawala1: A Somali trader buys commodities from Dubai for resale in Somalia. In order to finance the trade, the Somali trader contacts a local agent of a remittance company in Mogadishu. The trader gives cash to the local remittance agent. (Most transactions are dollar-based but other currencies are used as well.) A commission is charged for the exchange. The trader asks that the funds be transferred to his foreign bank account located in Dubai. ... [Read More]