Recent Developments in (Anti-)Money Laundering

October 4, 2005
Mondaq: United Kingdom: The FSA, Compliance and Anti-money Laundering Controls
"In the last few weeks it has become clear that the Financial Services Authority has a renewed focus on private equity firms, their compliance and anti-money laundering controls. It has found a number of shortcomings in practice and is planning a new round of visits to firms before the year end."
http://www.mondaq.com/i_article.asp_Q_articleid_E_35148

October 1, 2005
Financial Times: Crime reporting regime under scrutiny
"The effectiveness of the government's drive against money laundering is facing scrutiny with the belated publication of a Home Office-sponsored study criticising the regime for reporting suspicious transactions."
http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&
storyID=2005-09-30T190230Z_01_HO068456_RTRUKOC_0_UK-FINANCIAL-MONEYLAUNDERING.xml

September 30, 2005
Reuters: EU banks ask: when are politicians risky clients?
"Banks have just three weeks to lobby the European Commission over new anti-money laundering rules including plans to make them investigate foreign politicians, public officials and their families as possible high-risk clients."
http://europa.eu.int/rapid/pressReleasesAction.do?reference=PRES/05/240&format=
HTML&aged=0&language=EN&guiLanguage=en

September 28, 2005
Forbes: BaFin closes investigation of Commerzbank CEO in money laundering probe - report
"Germany's financial watchdog BaFin no longer considers Commerzbank AG's chief executive Klaus-Peter Mueller a suspect in an ongoing money laundering investigation, Financial Times Deutschland said in a report to be published tomorrow, citing industry sources."
http://www.forbes.com/business/feeds/afx/2005/09/28/afx2249092.html

September 28, 2005
FAZ: Bafin wirft Commerzbank „erhebliche Mißstände” vor
"Die Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin) hat bei ihrer Sonderprüfung zur Geldwäsche-Affäre bei der Commerzbank „Mißstände” aufgedeckt, die aus Sicht der Behörde „zum Teil erhebliches Gewicht” hatten."
http://www.faz.net/s/Rub5CAECB7768E046A3976500B4D416A560/Doc~EF17AD2CB55054
18189A9B148DCF4595C~ATpl~Ecommon~Scontent.html

September 27, 2005
Tax News.com: IMF Says It Is Falling Behind With Money-Laundering Work
"The IMF last week admitted that it was falling behind in its efforts to get countries to apply the FATF's revised (2003) anti-money laundering recommendations, and the FATF Special Recommendation IX concerning measures to deter cross-border movements of currency and monetary instruments."
http://www.tax-news.com/asp/story/story_open.asp?storyname=21239

September 21, 2005
IFAOnline FSA to take principles-based approach to regulation
"Regulation is required but only where it does not impose an “unnecessary burden” to retail financial services, Callum McCarthy, chairman of the FSA, said last night."
http://db.riskwaters.com/public/showPage.html?page=297431

September 20, 2005
EU Press Release: Directive on money laundering and terrorist financing
"The Council adopted today a directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (3631/05 + COR1, 11443/05 ADD1)."
http://europa.eu.int/rapid/pressReleasesAction.do?reference=PRES/05/240&format=HTML&aged=0&language=EN&guiLanguage=en

September 14, 2005
Pravda: Russian banks enjoy no credit among western banks
"Large western banks one by one close correspondent accounts of Russian banks "
http://english.pravda.ru/main/18/89/358/16138_banks.html

September 13, 2005
Times Online: Landmark ruling give Brussels the power to set criminal law
"A landmark legal ruling has handed Brussels the power to create criminal legislation for member states, in what eurosceptics claim is a further erosion of national sovereignty."
http://www.timesonline.co.uk/article/0,,13509-1778832,00.html

September 9, 2005
Fonds Professionell Online: Finanzdienstleister bisher kaum auf neue Anti-Geldwäsche-Richtlinie der EU vorbereitet
"Die Konsequenzen der 3. EU-Anti-Geldwäsche-Richtlinie sind bisher bei weitem noch nicht von allen Finanzdienstleistern und erst recht nicht vom Mittelstand vollständig erfasst worden."
http://www.fondsprofessionell.de/redsys/newsText.php?endDate=2005-09-09&per=2w&kat=3&sid=694821

September 8, 2005
CNN Money: It don't wash: U.S eyes laundering
"Newspaper reports that Bank of China and two Macau banks may have laundered money for N. Korea."
http://money.cnn.com/2005/09/08/news/international/boc_nkorea.reut/

August 27, 2005
Kölner Stadt-Anzeiger: Zu wenige Ermittler gegen Geldwäsche
"Der Frankfurter Oberstaatsanwalt Wittig fordert den Einsatz hoch qualifizierter Spezialisten."
http://www.ksta.de/html/artikel/1125050955504.shtml

August 23, 2005
Moscow Times: Banks Lose Accounts on U.S. Clampdown
"A number of U.S. banks, including a U.S. unit of Germany's Deutsche Bank, have cut ties with small and medium-sized Russian lenders in recent weeks as they bow to pressure from regulators over money laundering."
http://www.moscowtimes.ru/stories/2005/08/23/041.html

August 23, 2005
Focus Money Online: Geldwäsche: Viele Banken unter Verdacht
"Nachdem der Geldwäsche-Skandal bei der Commerzbank immer weitere Kreise zieht, geraten nun auch die Kontrollmechanismen der anderen Kreditinstitute ins Visier."
http://focus.msn.de/hps/fol/newsausgabe/newsausgabe.htm?id=18311

August 21, 2005
Forbes: BaFin sees no reason to include Mueller in money laundering probe - report
"German banking watchdog BaFin currently sees no reason to include Commerzbank AG's chief executive Klaus-Peter Mueller in its ongoing money laundering investigation against Commerzbank, according to a newspaper report."
http://www.forbes.com/finance/feeds/afx/2005/08/21/afx2186951.html

August 18, 2005
Washington Post:Arab Bank to Pay $24 Million Fine
"Arab Bank PLC, one of the largest financial institutions in the Middle East, will pay a $24 million civil fine for allegedly inadequate controls against money laundering at its New York branch, U.S. regulators announced yesterday."
http://www.washingtonpost.com/wp-dyn/content/article/2005/08/17/AR2005081701882.html

August 17, 2005
FAZ: Banken: Im Visier der Geldwäschefahnder
"Reden ist Silber, Schweigen ist Gold. Frei nach dieser Devise versuchte die Commerzbank Mitte Juli, die mögliche Verwicklung in eine Geldwäsche-Affäre unter dem Deckel zu halten."
http://www.faz.net/s/Rub5CAECB7768E046A3976500B4D416A560/Doc~E275A8E83A12348D0912AA
4756A0FD9BC~ATpl~Ecommon~Scontent.html

August 15, 2005
The Herald: Changes to money laundering regime lack significant impact
"Recently announced changes to the money laundering reporting regime might ease some of the burden on the accounting profession, according to the Institute of Chartered Accountants of Scotland."
http://www.theherald.co.uk/business/44890-print.shtml

August 12, 2005
Presseportal.de: BKA: Neues Internetangebot des BKA zum Thema Geldwäsche - Informationen richten sich an Angehörige freier Berufe
"Das Bundeskriminalamt (BKA) bietet ab sofort auf seiner Homepage unter www.bka.de neue Informationen zum Thema Geldwäsche an."
http://www.presseportal.de/polizeipresse/p_story.htx?nr=712070

August 12, 2005
Handelsblatt: Experten fordern Härte gegen Geldwäsche
"Zur Bekämpfung der wachsenden Geldwäscheprobleme in Deutschland ist nach Einschätzung von Transparency International (TI) eine Strafrechtsänderung dringend nötig. "
http://www.handelsblatt.com/pshb/fn/relhbi/sfn/buildhbi/cn/
GoArt!200012,200039,943232/SH/0/depot/0/Experten_fordern_H%E4rte_gegen_Geldw%E4sche_%0D%0A.html

August 11, 2005
Financial Times: Financial watchdog eager to show its cuddly side after years of growling
"Pinned to the wall in one corner of the Financial Services Authority are impassioned letters expressing sentiments not normally directed at a regulator."
http://news.ft.com/cms/s/2d546ade-0a04-11da-b870-00000e2511c8.html

August 09, 2005
Financial Times: Better technology helping to trap fraudsters
"Detective Chief Superintendent Ken Farrow is about to call time on a police career spanning 34 years."
http://news.ft.com/cms/s/90a4739c-0872-11da-97a6-00000e2511c8.html

August 05, 2005
Financial Director: Government eases money laundering burden
"New Act removes some of the reporting burdens around money laundering for firms."
http://www.financialdirector.co.uk/accountancyage/news/2140832/government-eases-burden-money

August 04, 2005
Die Zeit: Schwarzes Geld wird weiß
"Wie das Geschäft mit der Geldwäsche funktioniert."
http://www.zeit.de/2005/32/Kasten_Geldw_8asche?page=all

August 04, 2005
ABC Radio Australia: Nauru confident of removal from money laundering list
"Nauru is confident it will be removed from the international money laundering black list in October."
http://www.abc.net.au/ra/news/stories/s1429713.htm

August 04, 2005
Die Zeit: Schwarzes Geld wird weiß
"Wie das Geschäft mit der Geldwäsche funktioniert."
http://www.zeit.de/2005/32/Kasten_Geldw_8asche?page=all

August 03, 2005
Handelsblatt: Datenbank gegen Bestechung hilft Banken
"Das Unternehmen aus Miami bedient bereits Banken, Versicherer, Investmenthäuser und Kanzleien in knapp 100 Staaten mit Informationen über Personen und Unternehmen, die wegen Korruption, Geldwäsche oder Terrorismus auffällig geworden sind. "
http://www.handelsblatt.com/pshb?fn=tt&sfn=go&id=1081388

August 03, 2005
Reuters.com: Bank of NY may settle in money laundering case
"Bank of New York Co. said on Wednesday it was reviewing a settlement proposal by federal prosecutors related to a Russian money laundering conspiracy."
http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-08-03T204052Z_01
_N03712862_RTRIDST_0_FINANCIAL-BANKOFNEWYORK-MONEYLAUNDERING.XML

August 03, 2005
MosNews.com: Commerzbank Says Former Manager Probed Over Russian Money-Laundering
"Commerzbank, Germany’s fourth-largest bank, has said that Andreas de Maiziere, a former senior executive who resigned unexpectedly last week, is at the centre of a money-laundering investigation involving the bank’s former links to a Russian telecommunications company, the Financial Times daily reported on Wednesday."
http://www.mosnews.com/news/2005/08/03/commerzbank.shtml

July 27, 2005
FTD: Geldwäscheskandal alarmiert Banken und Sparkassen
"Nach dem Commerzbank-Skandal forcieren deutsche Banken und Sparkassen die Bekämpfung von Geldwäsche über ihre Konten. Berater beklagen ein fehlendes Risikobewusstsein der Banken."
http://www.ftd.de/ub/fi/15950.html

July 27, 2005
Financial Times: Banks back rules to thwart terror
"European banks have given full support to a European Commission proposal made yesterday seeking to cut terrorist groups off from their access to financing."
http://news.ft.com/cms/s/f2cd27b2-fe3b-11d9-a289-00000e2511c8.html

July 27, 2005
IHT: EU money-transfer curb aims to disrupt terrorists
"The European Commission, in an attempt to disrupt the financing of terrorist activities, proposed Tuesday that banks in the European Union be required to register the name, address and bank account of anyone making an international money transfer."
http://www.iht.com/articles/2005/07/26/news/union.php

July 27, 2005
IHT: Commerzbank linked to Russia money-laundering inquiry
"German prosecutors are investigating a complex network that may have been used to launder proceeds from allegedly fraudulent privatizations in Russia in the 1990s, an inquiry that also has ensnared one of Germany's biggest banks, Commerzbank."

July 27, 2005
Die Welt: In Deutschland gelten scharfe Regeln gegen Geldwäsche
"Die rechtlichen Grundlagen, um gegen Geldwäsche vorzugehen, sind in Deutschland im sogenannten Geldwäschegesetz geregelt"
http://www.welt.de/data/2005/07/27/751295.html

July 26, 2005
Reuters.co.uk: Watchdog faces tough hunt for terror cash
"Financial firms appear to be cooperating fully in investigations into the London bomb attacks but the hunt for terror cash is proving difficult, the financial watchdog says."
http://today.reuters.co.uk/news/newsArticle.aspx?type=topNews
&storyID=2005-07-26T095536Z_01_ZWE635360_RTRUKOC_0_FINANCIAL-UK-TERROR.xml

July 26, 2005
Europa-Direkt: Neue Maßnahmen zur Terrorismusbekämpfung
"Die Europäische Kommission hat einen Vorschlag zur Verschärfung von Geldüberweisungskontrollen vorgelegt."
http://www.eu-kommission.de/html/presse/pressemeldung.asp?meldung=5773

July 26, 2005
Merkur-Online: Kampf gegen Geldwäsche muss ,verhältnismäßig’ sein
"Genossenschaftsbanken kennen ihre Kunden..."
http://www.merkur-online.de/nachrichten/wirtschaft/aktuell/art279,417983.html?fCMS=3435ca4539b571cc2d482024c9da39a1

July 25, 2005
FTD: Geldwäscheaffäre erschüttert Commerzbank
"Die Commerzbank wird von einem Geldwäscheskandal erschüttert. Die Staatsanwaltschaft Frankfurt ermittelt gegen den vergangene Woche zurückgetretenen Personalchef Andreas de Maizière wegen des Verdachts auf international organisierte Geldwäsche."
http://www.ftd.de/ub/fi/15609.html

July 20, 2005
Mondaq.com: United Kingdom: Review of the FSA Handbook
"...FSA proposes to delete the Money Laundering Handbook and replace it with a limited number of provisions focusing on senior management responsibility, risk management and systems and controls in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC)."
hhttp://www.mondaq.com/i_article.asp_Q_articleid_E_33827

July 19, 2005
ABC Radio Australia Nauru's money laws face scrutiny
"Nauru is expected to come under close scrutiny by European countries in the wake of this month's terrorist bombings in London."
http://www.abc.net.au/ra/news/stories/s1417109.htm

July 18, 2005
Die Welt: Geldwäsche boomt in Berlin
"Berliner Banken erfreuen sich bei Geldwäschern aus dem In- und Ausland außerordentlicher Beliebtheit."
http://www.welt.de/data/2005/07/18/747453.html

July 17, 2005
Financial Times: Terrorists beat attempts to cut off funds
"No official figure has yet been put on the cost of mounting the bomb attacks in London by the suspected Islamist group."
http://news.ft.com/cms/s/db730b6e-f6ec-11d9-aeff-00000e2511c8.html

July 17, 2005
Observer: Banks on alert for 'backpacker' terrorists
"Banks and the Financial Services Authority are scrambling to devise new ways to detect terrorist funds in the wake of this month's London bombings."
http://observer.guardian.co.uk/business/story/0,6903,1530060,00.html

July 17, 2005
Observer: Terrorism on the cheap - and with no paper trail
"Post-bombing calls for a clampdown on money laundering are missing the point..."
http://observer.guardian.co.uk/business/story/0,6903,1530075,00.html

July 16, 2005
Washington Post: Money-Laundering Enforcement Slow and Weak, Review Finds
"Federal bank examiners have not acted quickly or strongly enough in enforcing laws intended to prevent terrorists and other criminals from laundering money through U.S. banks, according to an internal review released yesterday by a key bank regulatory agency."
http://www.washingtonpost.com/wp-dyn/content/article/2005/07/15/AR2005071501847.html

July 15, 2005
Pressbox.co.uk: Anti-Money laundering rules revised: what are the real implications?
"As the FSA announces the simplification and streamlining of its anti-money laundering (AML) requirements, the proposed revision of the Joint Money Laundering Streeting Group (JMLSG) guidance is set to radically change the way that money laundering and terrorist financing risk is managed in the UK. "
http://www.pressbox.co.uk/detailed/Financial/
ANTI-MONEY_LAUNDERING_RULES_REVISED_what_are_the_real_implications__32098.html

July 14, 2005
Telegraph: Regulator rethinks rules on bank ID
"The Financial Services Authority now wants to scrap its anti-money laundering regulations that force banks and other financial services firms to bombard their customers for proof of their identification."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/
2005/07/14/cnfsa14.xml&menuId=242&sSheet=/money/2005/07/14/ixcity.html

July 12, 2005
FAZ: Im Kampf gegen Geldwäscher fehlen die Ressourcen
"Gegen Geldwäsche vorzugehen ist ein wichtiges Instrument im Kampf gegen den internationalen Terrorismus."
http://www.faz.net/s/Rub5CAECB7768E046A3976500B4D416A560/
Doc~E9E971E6FC7DC414BA7BF6A0A5CA6B372~ATpl~Ecommon~Scontent.html

July 12, 2005
Financial Times: Britain to crack down on terrorist financing
"Britain on Tuesday put the fight against terrorism at the heart of its European Union presidency with plans to disrupt the bombers' financial and communication networks."
http://news.ft.com/cms/s/020668f0-f30c-11d9-843f-00000e2511c8.html

July 12, 2005
Financial Times: UK urges clamp down on terrorism funding
"Britain on Tuesday called on its European counterparts to crack down on terrorism funding after the bombings in London last week."
http://news.ft.com/cms/s/920b8fea-f2d8-11d9-8094-00000e2511c8.html

July 8, 2005
Die Zeit: EU-Kampf gegen Terror bleibt Flickwerk
"Die Europäische Union hat dazugelernt. Nach den Terroranschlägen in Madrid am 11. März 2004 brauchte die EU noch Tage, bevor sie sich auf die neue Bedrohungslage einstellte."
http://zeus.zeit.de/hb/840292.xml

July 8, 2005
BKA: Geldwäsche Jahresbericht 2004
http://www.bka.de/profil/zentralstellen/geldwaesche/pdf/fiu_jahresbericht_2004_v2.pdf

July 8, 2005
ORF: Ausweispflicht am Bankschalter stößt auf Widerstand
"Mit neuen Sicherheitsmaßnahmen sollen Europas Banken den Kampf gegen Geldwäsche und Terrorfinanzierung aufnehmen."
http://www.orf.at/index.html?url=http%3A//www.orf.at/ticker/187251.html

July 7, 2005
SFGate.com: Regulators reprimand Wells Fargo Banking officials cite lax enforcement of measures to prevent money laundering
"Federal bank regulators have sharply reprimanded San Francisco banking giant Wells Fargo for not doing enough to prevent money laundering, an important part of the nation's drive to thwart terrorism, according to a leaked government document."
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/07/07/BUGPEDJTPM1.DTL

July 6, 2005
Tacy Ltd.: Schily: Deutschland bei der Geldwäschebekämpfung weiter erfolgreich - FIU stellt dritten Jahresbericht vor
http://www.bmi.bund.de/cln_028/nn_122052/
Internet/Content/Nachrichten/Pressemitteilungen/2005/07/Geldwaesche.html

July 4, 2005
Financial Times: Cost of business regulation could exceed tax revenue
"The total cost of business regulations to the UK economy could be greater than the money raised by income tax, according to the head of the government's Better Regulation Task Force."
http://news.ft.com/cms/s/f505baba-ec27-11d9-9796-00000e2511c8.html

June 30, 2005
Washington Post: U.S. regulators issue Bank Secrecy Act exam manual
"U.S. banking regulators on Thursday issued a long-awaited set of unified standards for bank examiners evaluating financial institutions' compliance with the Bank Secrecy Act, an anti-money laundering law."
http://www.washingtonpost.com/wp-dyn/content/article/2005/06/30/AR2005063000845.html

June 28, 2005
Financial Director: Money launderers' techniques highlighted
"Financial Action Task Force report shows how money launderers mask their audit trails"
http://www.financialdirector.co.uk/accountancyage/news/2138984/money-launderers-top-techniques

June 28 2005
Guardian: City's costly money laundering rules 'driving out business'
"Anti money laundering rules are becoming so expensive to implement that they could drive business away from the City, the Corporation of London warns today."
http://www.guardian.co.uk/business/story/0,3604,1516257,00.html

June 23, 2005
Russland.RU: Russische Finanzaufsicht schafft eine Anti-Terror-Datenbank
"Der Föderale Dienst für Finanzaufsicht (Rosfinmonitoring) bereitet die Schaffung einer einheitlichen Datenbank vor, die Angaben zu Organisationen und Personen enthält, die in Terrorismus und Extremismus verwickelt sind."
http://russlandonline.ru/rupol0010/morenews.php?iditem=7157

June 23, 2005
Wirtschaftsblatt: Banken-Ärger wegen Geldwäsche-Regeln
"Auflagen: Bankenverbandspräsident Stephan Koren kritisiert die Regulierungsflut der EU"
http://www.wirtschaftsblatt.at/cgi-bin/page.pl?id=409327

June 21, 2005
DefenseNews.com: Many EU States Lag in Implementing Anti-Terror Laws
"The European Union’s 25 member states are still far behind in implementing most EU laws enacted since September 2001 to combat terrorism, according to a report circulated during the June 16-17 summit of union leaders here."
http://www.defensenews.com/story.php?F=928924&C=europe

June 20, 2005
Tacy Ltd.: Europe to impose cash controls
"The European Parliament (on 8 June 2005) has approved a Regulation to introduce an EU-wide approach to controlling cash movements into and out of the European Union."
http://www.tacyltd.com/Research_Materials_Full.asp?id=55198

June 16, 2005
Forbes: 'Large-scale' money-laundering ring broken in Russia, several banks searched
"Russia's FSB security service said it had broken up a 'large-scale' international money-laundering network in Saint Petersburg and had detained 20 people for questioning. "
http://www.forbes.com/business/feeds/afx/2005/06/16/afx2096426.html

June 15, 2005
Global Politician: Hawala, or the Bank that Never Was
"In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic)."
http://globalpolitician.com/articledes.asp?ID=882&cid=12&sid=52

June 15, 2005
SignOnSanDiego.com: Bank reports in terror fight flood Treasury
"Banks are flooding the Treasury Department with paperwork to comply with regulations about money-laundering and suspicious transactions."
http://www.signonsandiego.com/news/business/20050615-9999-1b15banks.html

June 14, 2005
AP: Treasury official calls bankers "eyes and ears" in terror fight
"The head of the federal agency working to keep terrorists from laundering money in U.S. banks told 1,300 bankers Tuesday that they are America's "eyes and ears" when it comes to spotting suspicious banking activity."
http://www.centredaily.com/mld/centredaily/business/11893199.htm

June 10, 2005
FATF: Annual Report 2004-2005
http://www.fatf-gafi.org/dataoecd/41/25/34988062.pdf

June 10, 2005
Financial Times: Compliance costs of following the money
"The financial services industry will welcome the news that the head of a new law enforcement agency wants to streamline the government's drive against money laundering."
http://news.ft.com/cms/s/edc1846a-d94d-11d9-8403-00000e2511c8.html#access-content

June 9, 2005
Finanztreff.de: EU/Ein- und Ausfuhr von 10.000 EUR in bar wird anmeldepflichtig
"Die Ein- und Ausfuhr von Bargeld wird in der EU künftig verschärft kontrolliert."
http://www.finanztreff.de/ftreff/news.htm?id=23697382
&r=0&sektion=topthemen&awert=&u=0&k=0

June 9, 2005
Swissinfo.org: US expects Myanmar to stay on dirty money blacklist
"Military-ruled Myanmar will remain blacklisted by the global authority combating money laundering and terrorist financing unless its laws meet international standards and are implemented effectively, a senior U.S. treasury official said on Thursday."
http://www.swissinfo.org/sen/swissinfo.html?siteSect=143&sid=5857264&cKey=1118312424000

June 8, 2005
Financial Times: Private sector to be used in money laundering probes
"An overhaul of the government's drive against money-laundering, which could see banks and other financial institutions facing fewer time-consuming demands for information, was signalled by the head of the flagship law enforcement agency on Wednesday."
http://news.ft.com/cms/s/30a9a2d2-d85c-11d9-8fa7-00000e2511c8
,_i_rssPage=7eb2a08a-cbe5-11d7-81c6-0820abe49a01.html

June 7, 2005
EU: Adoption of anti-Money Laundering Directive will strike a blow against crime and terrorism
"The European Commission has welcomed the definitive adoption by the Council of Economic and Finance Ministers of the Third Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing."
http://europa.eu.int/rapid/pressReleasesAction.do?reference=
IP/05/682&format=HTML&aged=0&language=EN&guiLanguage=en

June 5, 2005
The Observer: The washing machine
"In explosive excerpts from his new book, Nick Kochan digs the dirt on how an army of criminals has broken into the world's financial system, and investigates the Square Mile's growing addiction to criminal cash "
http://observer.guardian.co.uk/business/story/0,6903,1499283,00.html

June 5, 2005
The Observer: How the City has become hooked on hot money
"London increasingly looks like an offshore centre serving many dubious financiers while at the same time claiming to have regulation that puts it among the world's top onshore jurisdictions"
http://observer.guardian.co.uk/business/story/0,6903,1499284,00.html

June 3, 2005
SFGate.com: U.S. Asks Help in Money Laundering Fight
"The Bush administration, in its latest effort to nab drug lords and terrorist financiers, will require major dealers in gold, diamonds and other precious metals and gems to set up comprehensive anti-money laundering programs"
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/06/03/national/w150852D58.DTL

May 30, 2005
Gateway2russia.com: Money laundering: bank chief urges tougher checks
"A third of banks failing the first audit stage to join the deposit-insurance system had not followed certain legal requirements concerning money laundering, deputy head of the Central Bank Viktor Melnikov told a conference organized by the Association of Russian Banks."
http://www.gateway2russia.com/st/art_277652.php

May 30, 2005
CBC News: Regulating money transfer services may force them underground, Ottawa told
"Cracking down on informal money-transfer services in the name of fighting terrorism will simply drive the businesses further underground, say two new federally commissioned studies."
http://www.cbc.ca/cp/business/050529/b052910.html

May 28, 2005
Telegraph: The FSA 'cane do' culture gets comeuppance
"We should rejoice at a sinner that repenteth, even if the repentance is not exactly whole-hearted."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/05/28/
ccom28.xml&menuId=242&sSheet=/money/2005/05/28/ixcoms.html

May 27, 2005
L.A. Times: Ex-Riggs Bank Executive, Wife Arrested
"A former Riggs Bank senior vice president and his wife were arrested on fraud, conspiracy and money laundering charges and held without bail for allegedly embezzling money from accounts at the bank held by Equatorial Guinea, its one-time largest customer. "
http://www.latimes.com/business/investing/wire/sns-ap-riggs-bank-kareri,1,3091022.story?
coll=sns-ap-investing-headlines

May 27, 2005
Financial Times: New money laundering law puts more onus on professions
"Bankers, lawyers, estate agents, accountants and a string of other professions in the European Union will have to keep a closer watch on their customers, under a new EU money laundering and terrorist financing law approved by the European parliament yesterday."
http://news.ft.com/cms/s/4457bf4e-ce4d-11d9-9a8a-00000e2511c8.html

May 27, 2005
Financial Times: New money laundering law puts more onus on professions
"Bankers, lawyers, estate agents, accountants and a string of other professions in the European Union will have to keep a closer watch on their customers, under a new EU money laundering and terrorist financing law approved by the European parliament yesterday."
http://news.ft.com/cms/s/4457bf4e-ce4d-11d9-9a8a-00000e2511c8.html

May 26, 2005
NZZOnline: Swiss put conditions on return of Abacha cash
"Switzerland is to stagger the return to Nigeria of about $460 million (SFr568.2 million) stashed in Swiss bank accounts by the late dictator, Sani Abacha."
http://www.nzz.ch/2005/05/26/eng/article5820490.html

May 25, 2005
Telegraph: Bankers' extradition to US approved by Clarke
"The extradition to America of three British bankers on fraud charges was approved by Charles Clarke, the Home Secretary yesterday, in the first test of a new treaty intended to make it easier to bring alleged criminals to justice."
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2005/05/25/
nextra25.xml&sSheet=/news/2005/05/25/ixnewstop.html

May 24, 2005
The Guardian:Masters criminals
"Art fraud isn't about flamboyant gentleman forgers but organised international gangs. But new money laundering regulations and banking laws are helping to crack down on the crime..."
http://www.guardian.co.uk/arts/news/story/0,11711,1490867,00.html

May 21, 2005
Global Politician: Money Laundering in A Changed World
"If you shop with a major bank, chances are that all the transactions in your account are scrutinized by AML (Anti Money Laundering) software. "
http://globalpolitician.com/articledes.asp?ID=746&cid=10&sid=47

May 17, 2005
NZZOnline: Summit to unveil anti-terrorism convention
"A new anti-terrorism convention is high on the agenda at this week's Council of Europe summit in Warsaw, attended by 46 countries including Switzerland."
http://www.nzz.ch/2005/05/17/eng/article5782138.html

May 17, 2005
swissinfo.org: An alternative approach to ethical banking
"Rightly or wrongly, most people do not immediately associate Swiss banks with "alternative" or "ethics-based" approaches to business."
http://www.swissinfo.org/sen/swissinfo.html?siteSect=107&sid=5782182&cKey=1116144374000

May 16, 2005
Washington Post: New Money - With the Demise of Riggs Bank, All That's Left Is Jangling Change
"One last thing to say about Riggs Bank -- vanished now, after revelations of alleged money laundering, catering to dictators and lavish spending on corporate jets: It had a certain essential bankness that is almost extinct. That may have been its real problem."
http://www.washingtonpost.com/wp-dyn/content/article/2005/05/15/AR2005051500738_pf.html

May 15, 2005
TimesOnline: Money launderers clean up
"Some £24m of suspect money has been seized at a cost to British companies of £250m a year..."
http://business.timesonline.co.uk/printFriendly/0,,2020-528-1612467-9069,00.htm

May 12, 2005
Stimme.de: Schmutziges Geschäft mit dem Geld
"Die Geldwäsche hat in Baden-Württemberg Konjunktur. Das geht aus dem neuesten Lagebild des Landeskriminalamtes hervor. Insgesamt hat das LKA im vergangenen Jahr 1046 Tatverdächtige registriert, 2003 waren es mit 912 deutlich weniger."
http://www.stimme.de/nachrichten/baden-wuerttemberg/
art1960,543546.html?fCMS=f496260a1a6754266f2f97599787f0cc

May 11, 2005
BKA Pressestelle: Geldwäsche-Bekämpfung jetzt auf europäischer Ebene vernetzt
"Die Geldwäschebekämpfung ist im Kampf gegen die Organisierte Kriminalität und den Terrorismus ein wichtiges Instrument, das nun noch schlagkräftiger geworden ist: Vergangenen Monat ist die im Bundeskriminalamt angesiedelte deutsche Zentralstelle für Geldwäsche-Verdachtsanzeigen (Financial Intelligence Unit "FIU") nach umfangreichen technischen Abstimmungsprozessen erfolgreich an die europäische Kommunikationsplattform FIU.NET angeschlossen worden."
http://www.presseportal.de/polizeipresse/p_story.htx?nr=678321

May 11, 2005
Financial Times, UK: Financial companies plead for fewer 'suspicious activity' alerts
"US financial services companies are urging the federal government to adopt new rules on the filing of "suspicious activity reports", warning that a flood of such reports is costing billions of dollars and hampering government efforts to crack down on money laundering and terrorist financing..."
http://news.ft.com/cms/s/6b0bf67e-c1b8-11d9-943f-00000e2511c8.html#access-content

May 10, 2005
Khaleejtimes.com: UAE MSBs seek to convey concern to US regulators
"UAE's vibrant money service business (MSB), which has been impacted to a certain extent by the strict implementation of the USA Patriot Act enacted in the aftermath of 9/11, is pondering the appointment of a law firm in Washington to communicate the industry's concerns to the US regulatory community..."
http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/
business/2005/May/business_May206.xml &section=business

May 9, 2005
AllAfrica.com: Nigeria May Be Deleted From FATF 'Shame List' - Task Force
"The president of the Financial Action Task Force (FATF), Mr. Jean-Louis Fort, says that Nigeria may be removed from the 'shame list' of the FATF at its plenary meeting in June..."
http://allafrica.com/stories/200505091186.html

May 9, 2005
The Herald, UK: Europe dashes hopes over protection of client privilege
"The hopes of practising lawyers and accountants for further protection of client privilege and a less burdensome money laundering reporting regime have been dashed..."
http://www.theherald.co.uk/business/38821-print.shtml

May 4, 2005
Reuters, Germany: Dresdner Bank sieht kein Fehlverhalten in Geldwäsche-Fall
"Die Dresdner Bank sieht bei ihren Mitarbeitern im Zusammenhang mit einem Ermittlungsverfahren wegen angeblicher Geldwäsche bei Lebensversicherungs-Verträgen kein Fehlverhalten..."
http://www.reuters.de/newsPackageArticle.jhtml?type=companiesNews&storyID=720907&
section=news

May 2, 2005
The Age, Australia: Taskforce targets cash launderers
"The Tax Office and law enforcement agencies nationwide are joining forces to intercept the billions of dollars generated by organised crime..."
http://www.theage.com.au/news/National/Taskforce-targets-cash-launderers/2005/05/01/
1114886248787.html?oneclick=true

May 1, 2005
Reuters, UK: Financial crooks face high-tech sleuths
"Governments around the world have found a high-tech ally in their fight against tax cheats, money launderers, corporate crooks, and perhaps the most pernicious of all bureaucratic enemies, paperwork..."
http://today.reuters.co.uk/news/newsArticle.aspx?type=internetNews&storyID=
2005-05-01T183619Z_01_CAS166646_RTRIDST_0_OUKIN-BIZFEATURE-REPORTING.XML

April 28, 2005
Consultant Magazin: Gefährdung der Berater durch Geldwäsche untersucht
"Das Bundesjustizministerium hat jetzt die Ergebisse einer von ihm in Auftrag gegebenen Untersuchung zur Gefährdung von Beratern duch Geldwäsche veröffentlicht..."
http://www.consultant-magazin.de/newsDetails?newsID=1114709385.45&d_start:int=3
Die Studie findet sich unter
http://www.bmj.de/Mpix/count/BMJ/r0?p=Themen/Strafrecht/Kriminologie/
Geldw%C3%A4schebericht&u=http%3A%2F%2Fwww.bmj.de%2Fmedia%2Farchive%2F878.pdf

April 28, 2005
NZZOnline, Switzerland: Auf den Fersen der Geldwäscher
"Lagebericht der Financial Intelligence Unit Liechtensteins..."
http://www.nzz.ch/2005/04/28/wi/articleCRSM7.html

April 28, 2005
Financial Times, UK: Cash-strapped Germany steps up war on tax dodgers
"The blonde woman's expression tells it all. Motionless as if struck by lightning, she is hunched in her brown plastic chair, eyes locked on her feet contemplating the end of her short smuggling career..."
http://news.ft.com/cms/s/a782e282-b913-11d9-bfeb-00000e251

April 26, 2005
Washington Post, USA: Md. Cracks Down on Illegal Money-Transfer Companies
"About half of the 120 Maryland-based money transmitters used by immigrants to carry money abroad are operating without licenses and without the insurance that the state mandates, according to regulators who are cracking down on those operations..."
http://www.washingtonpost.com/wp-dyn/content//article/2005/04/25/AR2005042501269.html

April 26, 2005
manager-magazin, Germany: EP sucht bei Geldwäschegesetz Machtkampf mit Kommission
"Der Innenausschuss des Europäischen Parlaments (EP) will die Kompetenzen der EU-Kommission bei der Bekämpfung der Geldwäsche beschneiden..."
http://www.manager-magazin.de/unternehmen/vwdnews/0,2828,ticker-23616175,00.htm

April 19, 2005
khaleejtimes.com: Arab anti-money laundering regional group launched
"The Paris-based Financial Action Task Force (FATF) has set up a regional grouping to combat money laundering in the Middle East and North Africa, the head of the Arab banking association said yesterday..."
http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2005/April/business_April
368.xml&section=business

April 19, 2005
Reuters, Germany: Behörde - Nur etwa jeder zehnte Geldwäsche-Verdacht bestätigt
"Nur in rund einem Zehntel der untersuchten Fälle hat sich der Geldwäsche-Verdacht der Düsseldorfer Steuerfahnder gegen Kunden von Lebensversicherungen bisher bestätigt..."
http://www.reuters.de/newsPackageArticle.jhtml?type=economicsNews&storyID=711075&
section=news

April 18, 2005
LA Times, USA: Swiss Banks No Longer Have It All Locked Up
"Generating new money in Switzerland has been like falling off a log for decades. Times change..."
http://www.latimes.com/business/investing/la-ft-swissbanks18apr18,1,4969585.story?coll=la-
headlines-business-invest

April 17, 2005
MSNBC, USA: BofA reshapes how it handles compliance issues
"Having racked up more than $1 billion in settlements over the past year, Bank of America Corp. recently moved its legal team into its risk management organization..."
http://msnbc.msn.com/id/7541810/

April 16, 2005
NZZOnline, Switzerland: Fall in cases of suspected money laundering
"The Money Laundering Reporting Office (MROS) has announced a drop in the number of suspicious transactions for the first time in its seven-year history..."
http://www.nzz.ch/2005/04/16/eng/article5688552.html

April 14, 2005
AsiaTimes.com: China seeks to combat money-laundering
"China is seeking to become a member of the Financial Action Task Force on Anti-Money Laundering (FATF), a major inter-governmental organization, China's central bank said yesterday..."
http://www.atimes.com/atimes/China/GD14Ad04.html

April 12, 2005
AccountancyAge.com: Act misses chance to fight financial crime
"ICAEW complains that the Serious Organised Crime Act fails to improve fight against financial crime..."
http://www.accountancyage.com/news/1139952

April 12, 2005
Handelsblatt, Germany: Sünder kamen über Dresdner zur Allianz
"Über die Dresdner Bankengruppe sind die Kunden zur Allianz-Leben gelangt, die verdächtigt werden, durch den Abschluss von Lebensversicherungen Steuern hinterzogen und Geldwäsche betrieben zu haben..."
http://www.handelsblatt.com/pshb?fn=tt&sfn=go&id=1019815

April 12, 2005
Handelsblatt, Germany: Dresdner rückt ins Visier der Steuerfahnder
"Der Geldwäschefall im Zusammenhang mit Lebensversicherungen weitet sich aus. Nach Informationen des Handelsblatts aus Steuerfahnderkreisen wird mittlerweile auch gegen Mitarbeiter der Dresdner Bank wegen möglicher Beihilfe zur Geldwäsche ermittelt..."
http://www.handelsblatt.com/pshb/fn/relhbi/sfn/buildhbi/cn/
GoArt!200012,200039,883744/SH/0/depot/0/

April 12, 2005
ItarTass: Money laundered in Russia amount to astronomic figure
"The amount of money laundered in Russia ranges from dozens of millions to several billion roubles, going to as much as 50-60 billion roubles, Chief of the Federal Financial Monitoring Service Viktor Zubkov told Tass on Tuesday..."
http://www.tass.ru/eng/level2.html?NewsID=1925995&PageNum=0

April 11, 2005
eubusiness.com: EU fails to agree on dividing money from Philip Morris settlement
"EU finance ministers failed Monday to agree on how to split 1.25 billion dollars cigarette manufacturer Philip Morris has agreed to pay in order for a smuggling case against the US company to be dropped, diplomatic sources said..."
http://www.eubusiness.com/afp/050411205835.ekyq44lt

April 11, 2005
SpiegelOnline.de: Geldwäsche - Tausende Kunden von Lebensversicherern unter Verdacht
"Der Geldwäsche-Fall beim Lebensversicherer Allianz weitet sich aus. .."
http://www.spiegel.de/wirtschaft/0,1518,350737,00.html

April 11, 2005
Telegraph, UK: Banks consider easing ID checks for laundering
"Banks and other businesses offering financial services are poised to simplify money laundering identification checks to improve relations with customers and reduce a 'paper chase'..."
http://www.money.telegraph.co.uk/money/main.jhtml?xml=/money/2005/04/11/
cbbiz11.xml&menuId=242&sSheet=/money/2005/04/11/ixfrontbusiness.html

April 11, 2005
Handelsblatt, Germany: Fahnder ermitteln gegen Allianz-Kunden
"Der Geldwäsche-Fall der Allianz-Leben weitet sich aus. .."
http://www.handelsblatt.com/pshb/fn/relhbi/sfn/buildhbi/cn/GoArt!
204867,204872,883200/SH/0/depot/0/

April 11, 2005
Handelsblatt, Germany: US-Regierung will mehr Zugang zu Bankdaten
"Die US-Regierung arbeitet an einem Plan, der ihr Zugang zu den Daten über internationale Geldüberweisungen verschaffen soll..."
http://www.handelsblatt.com/pshb/fn/relhbi/sfn/buildhbi/artpage
/0/cn/GoArt!200013,200051,883131/SH/0/depot/0/

April 11, 2005
Handelsblatt, Germany: Kommentar - Geldwäsche leicht gemacht
"Lebensversicherungen haben immer schon versucht, ihren Kunden ein Maximum an Steuervorteilen zu bieten..."
http://www.handelsblatt.com/pshb/fn/relhbi/sfn/buildhbi/artpage
/0/cn/GoArt!204047,204051,883407/SH/0/depot/0/

April 10, 2005
Lexington Herlald Leader/New York Times, USA: Bankers unhappy with efforts to find terrorist money
"The Bush administration is developing a plan to give the government access to possibly hundreds of millions of international banking records in an effort to trace and deter terrorist financing, even as many bankers say they already feel besieged by government antiterrorism rules that they consider overly burdensome..."
http://www.kentucky.com/mld/heraldleader/news/nation/11357637.htm

April 9, 2005
FinFacts.com: IMF - US accounts for one-third of annual remittances to Developing Countries of $100bn
"The United States is currently by far the largest single source of remittances to Developing Countries. On the receiving end, among developing countries, those in the Western Hemisphere and developing Asia account for the bulk of remittance inflows..."
http://www.finfacts.com/irelandbusinessnews/publish/article_10001284.shtml

April 7, 2005
Legalweek.com: Legal Developments - A clearer picture
"The responsibility of lawyers to report criminal activity on the part of their clients has been unclear since the introduction of the Proceeds of Crime Act 2002..."
http://www.legalweek.com/ViewItem.asp?id=23636

March 31, 2005
de.internet.com: FDP fordert Wiederabschaffung der automatisierten Kontenabfrage
"Die FDP hat die Bundesregierung aufgefordert, die automatisierten Kontenabfrage wieder abzuschaffen..."
http://de.internet.com/index.php?id=2034716&section=Marketing-News

March 31, 2005
hib-Meldungen (Deutscher Bundestag), Germany: Geldwäsche - Von 6.600 Verdachtsfällen nur 874 nicht ermittlungsrelevant
"Seit Inkrafttreten des Geldwäschegesetzes (GwG) im August 2002 hat die Qualität der meist von Banken erstatteten Verdachtsanzeigen kontinuierlich zugenommen...."
http://www.bundestag.de/bic/hib/2005/2005_095/02.html

March 31, 2005
NZZOnline, Switzerland: Money-laundering investigations rise sharply
"The Swiss authorities say that the number of money-laundering investigations in the non-banking sector rose by 74 per cent last year..."
http://www.nzz.ch/2005/03/31/eng/article5642767.html

March 28, 2005
Czech Business Weekly: Latvia moves to end money laundering
"A cybercrime incident involving a big Latvian bank has again highlighted the country’s reputation as a haven for money launderers and on-line scammers...."
http://cbw.cz/phprs/view.php?cisloclanku=2005040701

January 28, 2005
New York Times, USA: Riggs Pleads Guilty in Money-Laundering Case
"Riggs Bank in Washington pleaded guilty yesterday to repeatedly failing to report suspicious transactions in bank accounts held by the leaders of oil-rich Equatorial Guinea and by Gen. Augusto Pinochet, the former dictator of Chile..." http://www.nytimes.com/2005/01/28/business/28riggs.html

January 26, 2005
Radio Free Europe/Radio Liberty: Council Of Europe Report Says Organized Crime Poses Threat To Democracy
"The Council of Europe, the body that promotes democracy and human rights throughout Europe, has issued its latest report on organized crime on the continent..."
http://www.rferl.org/featuresarticle/2005/1/F7753263-8C4F-4F41-9BFA-D3B2FF06CDFE.html

January 26, 2005
New York Times, USA: Government Seizes Oil Wells It Says Were Bought With Drug Money
"The federal government has seized control of 43 oil wells in northwestern Pennsylvania that it says were financed with drug money laundered by a Florida marijuana smuggler in the 1970's, officials said Tuesday..."
http://www.nytimes.com/2005/01/26/national/26seizure.html

January 22, 2005
Washtington Post, USA: U.S. Regulators Investigate Chilean Bank
"A major bank in Chile reported yesterday that U.S. regulators are investigating whether its two branches in the United States have complied with anti-money-laundering laws..."
http://www.washingtonpost.com/wp-dyn/articles/A27921-2005Jan21.html

January 21, 2005
icbirmingham.co.uk, UK: Will money-laundering laws stop crime
"No, this isn't a joke, more of a difficult situation that more and more lawyers are now finding themselves in following the introduction of the Proceeds of Crime Act, which came into force in March..." http://icbirmingham.icnetwork.co.uk/0150business/0200news/tm_objectid=15100610
&method=full&siteid=50002&headline=will-money-laundering-laws-stop-crime-name_page.html

January 12, 2005
SwissInfo.org, Switzerland: Anti-money laundering laws to be tightened
"The Swiss government wants to reinforce money laundering legislation to bring it into line with international standards..."
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=107&sid=5462518

January 11, 2005
Washington Times, USA: Analysis - Conspiracy without an act
"The Supreme Court dropped the other shoe Tuesday and ruled unanimously that the commission of an overt act is not necessary for conviction in a money-laundering conspiracy..."
http://www.washtimes.com/upi-breaking/20050111-103719-2709r.htm

December 31, 2004
Der Standard, Austria: Deutscher Verband warnt vor Aufweichung des Bankgeheimnisses
"Der deutsche Bankenverband warnt vor einer Aufweichung des Bankgeheimnisses..."
http://derstandard.at/?url=/?id=1906120 (in German)

December 9, 2004
Legalweek.com: Profession pushes to dilute laundering reforms
"The legal profession is making an 11th-hour push to water down tough new regulations in new European money laundering legislation as the controversial directive enters its final stages..."
http://www.legalweek.com/ViewItem.asp?id=22373

December 08, 2004
The Times, UK: Directive will kill the trust in City of London
"Many trust in God but where money is concerned a bank is safer, and, when settled by trust deed, as discrete as a prayer..."
http://business.timesonline.co.uk/article/0,,8210-1393119,00.html

December 07, 2004
Bloomberg.com: EU Backs Terror-Finance Rules on Banks, Attorneys, Retailers
"European Union governments backed a proposal to fight funding of terrorism and crime by requiring banks and attorneys to know more about customers and extending transaction-reporting requirements to retailers..."
http://www.bloomberg.com/apps/news?pid=10000085&sid=a6PLx1v5E7r4&refer=europe#
and
http://europa.eu.int/rapid/pressReleasesAction.do?reference=MEMO/04/289
&format=HTML&aged=0&language=EN&guiLanguage=en

December 06, 2004
Washington Times, USA: Terror financing in the Mideast (Editorial)
"The Middle East has taken an important step toward joining the Western world in the fight against terror financing and money laundering..."
http://washingtontimes.com/op-ed/20041206-085203-1521r.htm

December 04, 2004
Washington Post, USA: Riggs Replaces Its Chief Legal Officer
"Riggs Bank has replaced Joseph M. Cahill as its chief legal officer, part of an ongoing fallout within the company from a recent internal investigation into Riggs's failures to abide by federal laws designed to prevent money laundering..."
http://www.washingtonpost.com/wp-dyn/articles/A34114-2004Dec3.html (requires registration)

December 03, 2004
Financial Review, Australia: Third US bank seeks waiver of criminal charges
"Bank of New York is negotiating with US prosecutors to avert criminal charges being brought that it failed to report suspicious activity at a branch - the latest sign of an aggressive US crackdown on financial-services companies to thwart money laundering..."
http://afr.com/articles/2004/12/02/1101923267322.html