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[Annamaria Cline]

Certainly, the money launderer looks for the weakest link in the chain. But, at the moment, almost every Caribbean nation with a significant international financial sector has actually either adopted, or is thinking about embracing, money laundering legislation. Not all financial rip-offs involve cash laundering, but money laundering normally includes a fraud of some sort, sometimes with the complicity of corrupt bank workers or other experts. It is required to determine hot money and decline to do business. The sources of international hot cash consist of drugs, monetary or white collar criminal activity, smuggling of highly taxed items, such as alcohol or tobacco, and arranged criminal offense.

The mob originates from traditional locations such as Italy, Colombia, Japan, and the Far East, however also from Russia, Eastern Europe, and Nigeria. When possible, they use instantaneous electronic funds transfers to puzzle the audit trail. The trend is away from drug trafficking alone to fraud and other clerical criminal activities which draw in lower criminal penalties, and far from banking to non-bank banks, such as exchange workplaces and remittance services, and non-financial professions, such as accountants, legal representatives, secretarial business, notaries, financial consultants and other fiduciaries. Money smuggling continues to be substantial, especially where there are inadequate or no border controls. The points of vulnerability also consist of the point of entry of money into the monetary system, and transfers within and from the monetary system.

There are numerous and innovative ways in which criminal money is washed. Appendix a of the Bahamian Assistance Notes sets out several examples. It is required to be constantly vigilant. A number of weeks after the Washington Post detailed a series of drug-related scandals in Antigua, the US News and World Report branded the island-nation as "the cash laundering capital of the Caribbean, a place where the Russian mafia, drug cartels and other infamous companies and individuals wash a countless dollars without having to address any concerns. According to one quote, as much as $50 billion from the sale of narcotics, out of an annual world total of $500 billion, is washed through the Caribbean.

Funds can then be transferred through other banks as if the cash had a genuine origin, permitting the bad guys to utilize unlawful revenues lawfully. Then, moving the cash through banks with wire transfers is much easier than moving it physically. One bank that has drawn the scrutiny of U. What happened to household finance corporation.S. authorities is European Union Bank, chartered in Antigua. EUB describes itself as the very first bank on the Internet, providing to open accounts, wire money, order charge card or compose checks by computer system from anywhere in the world, 24 hours a day. EUB captured the attention of detectives when it was chartered in July 1994 as an overseas subsidiary of Menatep, a large Russian bank.

Antigua's Financing Ministry told the bank that it was "not in good standing." It continues to operate, nevertheless. The Government of Antigua and Barbuda introduced brand-new efforts in the resist controlled substance trafficking and money laundering. In early 1996, the government detailed details of the new effort to the Assistant Secretary General of the Company of American States (OAS). A delegation from Antigua and Barbuda, headed by Attorney General and Minister of Justice consulted with Thomas mentioning that the new initiative "looks for to more vigorously deal with the issue of drug trafficking and cash laundering." Likewise, a monetary intelligence unit was established in an effort to keep an eye on any cases of cash laundering in Antigua and Barbuda.

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The federal government signed an MLAT with the US on the 31st October, 1996, and is working out with the UK for an MLAT. The Money Laundering (Prevention) Expense of Antigua is presently awaiting enactment. It was provided to your house of Representatives by the Attorney General on November 14, 1996. Anti cash laundering regulations entered force on the first March, 1996, needing obligatory reporting of suspicious deals. The first country to ratify the 1988 UN Convention on drug trafficking and psychotropic substances. The Bahamas will undergo evaluation of its money laundering controls by the Caribbean Financial Action Task Force in 1997.

Although it has not yet acceded to the 1988 UN Convention, the federal government of Belize has complied with other federal governments in efforts to meet the Convention's goals and objectives. The Cash Laundering (Avoidance) Act 1996 entered into force on the first August 1996. The federal government has flowed, but not yet tabled, the Earnings of Bad Guy Conduct Costs. Speaking With Commonwealth Financing Ministers in Bermuda in September 1996, the British Chancellor of the Exchequer said: International criminals looking for a safe harbor for their criminal profits are no respecters of international borders - they will constantly find the weakest links in the anti-money laundering chain. The global FATF, following a complete assessment of the UK's legal and regulative system for combating money laundering, suggested that the UK's program might act as a design for other countries to follow.

The Commonwealth fully supports these modified Suggestions. The Commonwealth guidance notes, oftentimes, surpass what is needed by the FATF. On the 20th September, 1996, the Cayman Islands Government passed the Earnings of Wrongdoer Conduct Act, which is likewise based upon the UK's Crook Justice Act 1993. Scheduled to participate in force in 1997, it was developed in close assessment with the personal financial sector in the Cayman Islands and thoroughly balances the genuine rights of the individual to personal privacy with the need for openness and disclosure in the public interest of defeating crime. The legislation develops on the Mutual Legal Assistance Treaty in between the Cayman Islands and the US, and the anti-money laundering provisions of the Abuse of Drugs Law 1973 which was revised in the early 1990's and re-enacted in 1995.

According to the Cayman Islands' Chief Law Officer, this legislation makes it clear that the Cayman Islands is not a place for those who wish to hide illegal profits. It will likewise reassure those legitimate users of wesley financial timeshare the monetary services in the Cayman Islands that their organization will not be polluted by maintenance fee calculator any illegal earnings. The Cayman Islands have as soon as again demonstrated our dedication and decision to assist in the fight against international crime." The British Federal government is now encouraging other Reliant Territories and Crown Dependencies to follow the Cayman Islands example as quickly as possible. In 1995, the federal government of the Dominican Republic criminalized cash laundering and attended to the seizure of properties in criminal cases, consisting of drug offenses.

In 1995, Haiti became a party to the 1988 UN Convention. The Federal government of Haiti took part in money laundering conferences and began drafting money laundering legislation. The government tried to enhance the country's judicial system, which was afflicted by scarce resources, incompetence and corruption. In 1995, Prime Minister Werleigh announced an anti-corruption campaign as part of her fundamental program. During 1995 the Federal government of Jamaica passed a shared legal support treaty (MLAT) allowing act and completed all internal procedures to enable ratification of the U.S.-Jamaica MLAT. The government also presented to parliament timeshare cancellation companies and passed a money laundering bill, and prepared a precursor chemical control costs.