Cayman Island Bank Account

There are several types of offshore banking licenses available in the Caymans. The most popular type of arrangement is a private bank holding a restricted "B" license. These banks can receive or request funds only when doing business with people named on a list accompanying the application. A private bank has the power to issue letters of credit and bank guarantees and to carry on business free of taxation and currency restrictions. This permits U.S. investors to trade in Eurodollar markets freely without having to provide an accounting to the U.S. Government. A restricted "B" license is granted only to a bank or trust with a net worth of at least $34,000, or more if required by the Governor. A much higher net worth ($480,000) is required for an unrestricted "B" license, which allows the holder to conduct business freely with any client outside the Cayman Islands. Applications for this type of license are normally accepted only from a branch, subsidiary or affiliate of a major internat ... [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

The following are summaries of the most significant priority issues:Refocus Efforts of High Intensity Financial Crime Areas (HIFCAs). HIFCAs are special, high-risk areas or sectors where law enforcement will concentrate its resources and energy to combat money laundering. The 2001 Strategy mandated that the HIFCA task forces become operational and conduct investigations designed to result in indictments, convictions, and seizures, rather than focus primarily on intelligence gathering. Each of the six HIFCA Task Forces is now actively working cases. HIFCA Task Forces are composed of, and draw upon, all relevant federal, state, and local agencies. The Departments of Treasury and Justice jointly supervise the HIFCA Task Forces, and the 2001 Strategy primarily tasks the Federal Law Enforcement Training Center (FLETC) and Justice’s Asset Forfeiture and Money Laundering Section to develop an advanced money laundering training program to enhance the HIFCA Task Forces’ abili ... [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]

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]

Money Laundering and Financial Crimes

(1) As DEA also points out, "In some cases, the agent (business) may represent a variety of remittance companies. When this is the case, the agent may suggest dividing the deposit, sending a portion with each of the represented businesses (companies). Thus, detection is increasingly challenging."Federal authorities at the conference also highlighted the recent growth of smaller independent remitters (beyond the more established Western Union and MoneyGram systems), particularly of those providing service to and from Mexico. DEA reported that although these remitters provide important legitimate services to migrant worker populations, the location of these businesses, "do not necessarily parallel the employment centers for these laborers. Rather, it appears that the agent locations are primarily located in states without regulations governing the money services industry." ... [Read More]

Country Reports: G-M

Gabon Gabon is not a regional financial center. The Bank of Central African States (BEAC) supervises Gabon’s 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]

Foreign Entry Requirements

AUSTRALIA - *Passport, Electronic Travel Authority (ETA) or non-electronic label visa, proof of onward or return ticket, and sufficient funds are required. An ETA or non-electronic label visa is required for tourist or business stays of up to 3 months. An ETA is an electronically stored authority to travel to Australia and can be obtained online at www.ETA.immi.gov.au or through participating travel agencies or airlines. Minors not accompanied by a parent or traveling with only one parent need notarized written parental consent from the absent parent(s). AIDS test required for permanent resident visa for applicants age 15 and older; tests taken in the U.S. are acceptable. More information about entry requirements to Australia (including for longer stays) is available on the Embassy of Aus ... [Read More]

M) Money Laundering and Financial Crimes

The government-controlled banking system in Syria consists of the Central Bank of Syria and five public banks, each specializing in one aspect of economic activity: the Commercial Bank of Syria, the Agricultural Cooperative Bank, the Industrial Bank, the Real Estate Bank, and the People’s Credit Bank. These banks employ a rigid interest rate structure that discourages savings deposits, particularly during periods of inflation. Only the Commercial Bank of Syria is permitted to provide commercial banking services. The Commercial Bank, as the sole legal trader of foreign currencies, also effectively controls all foreign trade and all foreign currency transactions. In addition to monopolizing the exchange of foreign currencies, the Syrian government maintains one of the last remaining fixed, multiple exchange rate systems in the world, employing three different rates depending on the nature of the transaction. This inefficient system undoubtedly contributes to alternative methods of transf ... [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]