Barbados Real Estate
Tips for Travelers to the Caribbean
May 1997 Foreword Since colonial times, the Caribbean has been a favorite place for American visitors. In the past 50 years, tourism to the area has increased greatly, and today millions of U.S. citizens visit the islands every year. The majority of these visitors have a safe trip. To help you have a similar experience, the Department of State's Bureau of Consular Affairs has prepared these tips for you. Consular Affairs provides services to Americans ... [Read More]
M) Money Laundering and Financial Crimes
Iran’s real estate market is widely used as an alternative remittance system. For example, real estate transactions take place in Iran, but no funds change hands there; rather, payment is made overseas. This typically is done because of the difficulty in transferring funds out of Iran and the weakness of Iran’s currency, the rial. The real estate market, in at least one instance, has been used to launder narcotics-related funds. ... Member states shall ensure that the obligations laid down in this Directive are imposed on the following institutions: credit institutions (as defined previously); financial institutions (as defined previously); and on the following legal or natural persons acting in the exercise of their professional activities: auditors, external accountants and tax advisors; real estate agents notaries and other independent legal professionals, when they participate, whether: (a) by assisting in the planning or execution of transactions for their client concerning the (i) buying and selling of real property or business entities; (ii) managing of client money, securities or other assets; (iii) opening or management of bank, savings or securities accounts; (iv) organization of contributions necessary for the creation, operation or management of companies (v) creation, operation or management of trusts, companies or similar structures; (b) or by acting on behalf of and for their client in any financial ... [Read More]
M) Money Laundering and Financial Crimes
Iran has a robust underground economy and the use of alternative remittance systems to launder money is widespread. The draft money laundering legislation is designed—in part—to help prevent underground economic activities. For example, Iran’s real estate market is used to launder money. Real estate transactions take place in Iran, but often no funds change hands there; rather, payment is made overseas. This is typically done because of the difficulty in transferring funds out of Iran and the weakness of Iran’s currency, the rial. The real estate market, in at least one instance, has been used to launder narcotics-related funds. Hawala is also used to transfer value to and from Iran. Factors contributing to the widespread use of hawala are currency exchange restrictions and the large number of Iranian expatriates. The smuggling of goods into Afghanistan from Iran is also involved with the barter trade for narcotics and trade-based money laundering. Goods purchased in Dubai are sent to ... [Read More]
The Caribbean
(1) Data for 1999 is through October. Marijuana seizure statistics for 1991-93 have been revised.Caribbean Overseas Territories of the United Kingdom and BermudaI. SummaryAnguilla, the British Virgin Islands (BVI), the Cayman Islands, Montserrat, and the Turks and Caicos Islands (TCI) comprise the United Kingdom’s Caribbean Overseas Territories (COTs). These territories are not significant drug-producing locations but are drug-transshipment points. There is no evidence, however, that drugs are coming through the COTs to the U.S. in quantities sufficient to have a significant effect on the United States. Bermuda is a self-governing overseas territory of the UK. It is not a drug-producing location. With its mid-ocean location 600 miles ... [Read More]
Authentication of Documents For Use Abroad
No authority designated: refer requests to the U.S. Department of State, Authentications Office, 2400 M Street, NW, Washington, DC 20520. 202-647-5002 Authentication of Foreign Documents for Use in U.S.: In countries party to the Hague Legalization Convention, foreign documents are authenticated by the foreign competent authority listed in our separate information flyer on the Convention. See "Additional Information" below. In non-Hague countries, documents can be authenticated by a consular officer at the U.S. embassy or consulate. Effective June 1, 2002, the consular fee for authentication is $30.00 per seal. See Federal Register, ... [Read More]
International Narcotics Control Strategy Reports
FINANCIAL CRIMES AND MONEY LAUNDERINGMONEY LAUNDERINGOVERVIEWIn 1992, the major trends affecting money laundering policy were: (1) further sophistication of money laundering practices; (2) greater investment of drug and other illicit proceeds into established businesses, both to conceal money movements and to capitalize on illicit profits; (3) the internationalization of money laundering networks whose operations involve an ever larger number of countries and territories, regardless of their importance as financial centers or as drug producing or transit countries; and (4) the intensified involvement of the Sicilian Mafia and other criminal organizations in Europe, Asia and the Western Hemisphere who comingle proceeds from many crimes to confound investigators, and are now acting as brokers for funds unrelated to their own trafficking activities. These trends have made it more difficult to differentiate between drug-related money laundering and other forms of illegal money m ... [Read More]
Trinidad and Tobago (08/04)
Finance/insurance/real estate: 16.1% of GDP. ... Trinidad and Tobago experienced a real growth rate of 3.2% in 2002. This made 9 straight years of real growth after 8 years of economic decline. The government of Prime Minister Patrick Manning has continued the sound macroeconomic policies of the previous regime, and is trying to further improve the investment climate. Long-term growth looks promising, as Trinidad and Tobago further develops its hydrocarbon, petrochemical, and metals sectors--with significant increases in exports--and continues its diversification efforts in services, tourism, manufacturing, and agriculture. ... [Read More]
Money Laundering and Financial Crimes
Iran's real estate market is widely used as an alternative remittance system. For example, real estate transactions take place in Iran, but no funds change hands there; rather, payment is made overseas. This typically is done because of the difficulty in transferring funds out of Iran and the weakness of Iran's currency, the rial. The real estate market, in at least one instance, has been used to launder narcotics-related funds. ... Macau's free port, offshore financial services, lack of foreign exchange controls, disaggregated law enforcement agencies, problematic (albeit improving) law and order situation, and nascent anticorruption efforts create an environment conducive to money laundering. Macau serves as a gateway to China, and can be used as a transit point to remit funds and criminal proceeds to and from China, Hong Kong, and other Asian countries. Organized crime groups based in Macau are believed to launder their proceeds through joint ventures and real estate purchases in China, or through cross border cash transfers, front companies, real estate purchases, currency exchanges, and alternative remittance systems. Gaming and related services play a critical role in the Macau economy. They account for approximately 40 percent of GDP. Direct taxes from gambling accounted for 43 percent of government revenue in 1999. Organized crime groups are associated with the gambling industry through such activities as ... [Read More]
Trinidad and Tobago (11/03)
Finance/insurance/real estate: 16.1% of GDP. ... Trinidad and Tobago experienced a real growth rate of 3.2% in 2002. This made 9 straight years of real growth after 8 years of economic decline. The government of Prime Minister Patrick Manning has continued the sound macroeconomic policies of the previous regime, and is trying to further improve the investment climate. Long-term growth looks promising, as Trinidad and Tobago further develops its hydrocarbon, petrochemical, and metals sectors--with significant increases in exports--and continues its diversification efforts in services, tourism, manufacturing, and agriculture. ... [Read More]
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