Offshore Software Development Belarus
M) Money Laundering and Financial Crimes
The potential for money laundering activities at the offshore banking facility in Labuan is of concern, as there is no requirement for the beneficial owners of International Business Companies (IBCs) to be identified. The Labuan Offshore Financial Services Authority (LOFSA, often referred to simply as "Labuan") regulates the wide range of financial services, such as offshore banking and trust partnerships, provided by the offshore sector. Labuan hosts 54 offshore banks (46 foreign-owned), approximately 100 insurance companies, 4 mutual funds, 12 fund managers, and 18 active trust companies operating in Labuan. Because there is no requirement to register offshore trusts, their number is not known. Nominee trustees are permitted in Labuan, as are nominee directors of Labuans approximately 2,300 IBCs incorporated or registered in Labuan. There is no requirement to disclose the beneficial owner of a corporation. There is, however, a government registry of corporate directors and sharehold ... [Read More]
Money Laundering and Financial Crimes
(2) FATF Recommendation 21 states: Financial institutions should give special attention to business relations and transactions with persons, including companies and financial institutions, from countries which do not or insufficiently apply these Recommendations. Whenever these transactions have no apparent economic or visible lawful purpose, their background and purpose should, as far as possible, be examined, the findings established in writing, and be available to help supervisors, auditors and law enforcement agencies.The FATFs NCCT exercise, while not designed to focus on OFCs, has had a significant impact on the OFCs and other jurisdictions around the globe. For more information on this initiative see the discussion of the NCCT process in the Multilateral SectionFATF overviewin this report.Explanatory Notes To the Offshore Financial Services C ... [Read More]
Country Reports: N-Z
Namibia Namibia is not a regional financial center. In addition to its Central Bank, Namibia has four commercial banks. Of particular concern in Namibia is the smuggling of precious minerals and gems, the proceeds of which Namibian authorities think may be laundered through Namibian financial institutions. In November of 2004, Namibia criminalized money laundering with passage of the Prevention of Organized Crime Bill. The new law requires both bank and non-bank financial institutions to report suspicious transactions to the Central Bank and provide relevant documents and other information to government authorities for use in criminal investigations. Non-bank financial institutions, such as private pension funds, the stock exchange, and investment companies, were previously ... [Read More]
Singapore
The software piracy rate in Singapore, while among the lowest in Asia, remains largely static, and is almost double the level in the U.S. Many businesses use unlicensed software, resulting in estimated losses by the business software industry of over $90 million in 2003 (source: BSA). Under the U.S.-Singapore FTA, Singapore has implemented changes to its self-help policy, and committed to continue to assume principal responsibility for enforcement. ... [Read More]
Country Reports: G-M
All offshore institutions are subject to the same requirements as onshore institutions. In June 2002, Guatemala enacted the Banks and Financial Groups Law (No. 19-2002), which places offshore banks under the oversight of the Superintendent of Banks. The law requires offshore banks to be authorized by the Monetary Board and to maintain an affiliation with an onshore institution. It also prohibits an offshore bank that is authorized in Guatemala from doing business in another jurisdiction; however, banks authorized by other jurisdictions may do business in Guatemala under certain limited conditions. Guatemala has recently completed the process of reviewing and licensing its offshore banks, which included performing background checks of directors and shareholders. In order to authorize an offshore bank, the financial group to which it belongs must first be authorized, under a 2003 resolution of the Monetary Board. As of January 2004, thirteen banks have requested Monetary Boa ... [Read More]
International Narcotics Control Strategy Reports
U.S. DEPARTMENT OF STATE INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTMARCH 1995BUREAU FOR INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRS FINANCIAL CRIMES AND MONEY LAUNDERING11995 INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTOVERVIEWThere were a number of significant accomplishments in the world of money laundering in 1994, and a number of new and/or intensified concerns. Accomplishments and concerns are summarized here and explained in detailed sections below.Accomplishments. Several financial center governments, such as Singapore and Panama, have adopted broad, new anti-money laundering policies and/or laws, and a number of governments were in the final stages of presenting/adopting new legislation.The Financial Action Task Force completed the evaluations of each of its 26 member governments, all conducted by outside experts and all culminating in recommendations for changes and improvements which will be monitored through continuing examinations be ... [Read More]
M) Money Laundering and Financial Crimes
SVGs offshore sector includes 15 offshore banks (down from 33), 9,734 IBCs (down from over 11,000), two offshore insurance companies, six mutual funds, 400 international trusts, and Internet gaming licenses. SVGs domestic sector comprises five commercial banks, one development bank, two savings and loan banks, one building society, 21 insurance companies, nine credit unions and two money remitters. As with most Eastern Caribbean countries, the Eastern Caribbean Central Bank (ECCB) supervises SVGs five domestic banks. Beginning in October 2001 with an administrative agreement and finalized in the International Banks (Amendment) Act No. 30 of 2002, the Government of SVG (GOSVG) has given the ECCB increasing authority to review and make recommendations regarding approval of offshore bank license applications and to directly supervise SVGs offshore banks in cooperation with the GOSVGs Offshore Finance Authority (OFA). The agreement includes provisions for joint on-site inspections to ... [Read More]
Cyprus (07/05)
Best prospects for U.S. firms generally lie in services, high technology sectors, such as computer equipment and data processing services, financial services, environmental protection technology, medical and telecommunications equipment, and tourism development projects. Moreover, alternative energy sources and the energy sector in general are attracting an increasing amount of attention, while the possible existence of natural gas and petroleum reserves off the southern and eastern coast of Cyprus opens up new prospects. Finally, the islands private sector has a growing appetite for U.S.-made office machines, computer software and data processing equipment, while U.S. food franchises and apparel licensors have found fertile ground for expansion in Cyprus in recent years. ... [Read More]
Country Reports: G-M
Gabon Gabon is not a regional financial center. The Bank of Central African States (BEAC) supervises Gabons banking system. BEAC is a regional Central Bank that serves six countries of Central Africa. According to a 2003 letter from the Government of Gabon (GOG) to the UN Counter Terrorism Committee, in matters concerning suspicious financial transactions, banks are bound by the instructions of the Ministry of Economic and Financial Affairs. The actual monitoring of financial transactions is conducted by the Economic Intervention Service that harmonizes the regulation of currency exchanges in the member States of the Central African Economic and Monetary Community (CEMAC). On November 20, 2002, the BEAC Board of Directors approved draft anti-money laundering a ... [Read More]
Money Laundering and Financial Crimes
The Uruguayan government is encouraging the development of the offshore financial sector. The Uruguayan offshore program allows for the establishment of offshore financial investment companies (SAFIs) per the 1948 Offshore Companies Act, Law No. 11,083; free trade zone companies (FTZs) per the 1989 Companies Act, Law No. 16,060; and offshore banking enterprises (OBEs) per Decree 15,322 of 1989, which reactivated a dormant 1982 offshore banking law. The offshore financial investment companies (SAFIs) are best known for being used as investment holding companies. However, they are also used as trading companies, brokerage firms, and export and import companies, as well as to transmit funds to and from neighboring countries. The SAFIs are required to maintain a registered office in Uruguay and a set of accounting books. The minimum number of shareholders required is one, and shareholders do not have to be registered with the government. The FTZs are used within the nine Uruguayan free tra ... [Read More]
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