Tourist Attraction Brunei

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]

Money Laundering and Financial Crimes

Cyprus (Primary). Cyprus is a major regional financial and tourist center, and as such remains vulnerable to money laundering activity. Cypriot officials state that burglary, theft, fraud and drug trafficking are the major sources of proceeds to be laundered. Other financial crimes that present major problems include credit card fraud, the use of stolen or fraudulent cards, and the manipulation of data from stolen credit or ATM cards. Nigerians have also attempted to carry out their advanced-fee fraud in Cyprus. It is possible that money launderers use the legitimate facilities of Cyprus to further their activities in other countries. ... [Read More]

Money Laundering and Financial Crimes

Although there is little consensus regarding the exact definition of an offshore financial center, certain characteristics distinguish traditional onshore financial centers from those termed "offshore." First, offshore financial centers are in almost all cases, segregated from the normal banking structure of the jurisdiction. The vast majority of jurisdictions offering offshore financial services restrict access to these services and products to non-residents, thereby creating a parallel system within their own borders. Many jurisdictions with OFCs conduct financial transactions only in currencies other than the local currency. OFCs also differ from onshore jurisdictions in their regulatory regimes and in their legal frameworks. Many OFCs lack the stringent regulatory and supervisory regimes found in developed onshore jurisdictions. In the majority of OFCs, banks are not required to adhere to a wide range of regulations normally imposed on onshore banks. Format ... [Read More]

M) Money Laundering and Financial Crimes

This lack of transparency and the ability to engage in regulatory arbitrage, coupled with a concomitant reluctance or refusal of many OFCs to cooperate with regulators and law enforcement officials from other jurisdictions, attract those with both legitimate and illegitimate purposes. Drug traffickers, terrorists, money launderers, tax evaders and other criminals have found the OFCs a particularly inviting venue in which to conduct and conceal their activities. With the advent of the Internet and other technological advances, funds can be transferred around the globe instantaneously, providing further opportunities to engage in the placement and layering of illicitly gained funds. There is also a growing concern that terrorists and other criminals are increasingly enlisting the services of unethical lawyers, accountants and other professionals to help them discover and manipulate new money laundering and terrorist financing opportunities afforded by the new technologies. The attraction ... [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 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]

US Department Of State Post Report

Over 25,000 foreigners live in the Jakarta area. Over 60 nations now maintain diplomatic or consular missions. The U.S., Russia, Germany, the Netherlands, Japan, and Australia operate the largest. Over 6,000 Americans reside in Jakarta — members of U.S. Government agencies, the U.N., and private, nongovernmental agencies; business representatives; and missionaries. Jakarta is the main stop for an increasing number of U.S. business visitors, and many American, European, and Australian tourists visit Jakarta each year, usually on their way to tourist areas such as Bali or Yogyakarta. ... [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 1993The Report is for sale by the Government Printing Office, Superindendent of Documents. Stock No.: 044-000-02370-9This segment of the INCSR represents individual reports for the Asian NationsSOUTHWEST ASIA Afghanistan Bangladesh India Iran Nepal Pakistan Sri LankaSOUTHEAST ASIA AND THE PACIFIC Australia Brunei Burma China Hong Kong Indonesia Japan Korea Laos Malaysia New Zealand Philippines Singapore Taiwan Thailand Vietnam Other Asia and Pacific[EDITOR'S NOTE: Charts referenced to in brackets [ ] are available only in hard copy of report.]SOUTHWEST ASIAAFGHANISTANI. SummaryAfghanistan remains the second largest producer of illicit opium, after Burma. According to USG estimates, the area of opium poppy cultivation in Afghanistan in 1992 increased some 12 percent to 19,470 ha whi ... [Read More]