World Money Laundering Report: Digest 20030925

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About once a month, I send out the following publication.  It has come =
from the CEN-TAPEDE list, not from WMLR itself.
READ IT if you are in business.  New legislation in just about all the =
English speaking countries puts everyone in danger who deals with large =
amounts of cash.
If you are NOT in business, just hit delete.  Please do not ask WMLR to =
remove your name.  You are NOT on their list.
You might notice that I am sending this out at 3:47 AM - can't sleep - =
ingram
World Money Laundering Report: Digest
25 September 2003
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WMLR Digest is a service of World Money Laundering Report - part of The =
Anti Money Laundering Network. WMLR Digest is a free weekly newsletter =
for subscribers.
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*** Slither: the USA PATRIOT Act s326 is a week away.
Have you noticed how silent US compliance people have gone? It's because =
they are keeping as low to the ground as possible to avoid attention and =
because they still don't know how s326 of the USA PATRIOT Act will work =
in practice after it comes into effect in less than a week.
*** International cocaine ring "destroyed."
Actions on three continents have made a difference in the war on drugs - =
a gang that made a claimed GBP100m in just 18 months has been "entirely =
taken out". It's part of the same operation that found USD6 milliard in =
"bonds" discovered earlier this year in the UK.
*** UN Summit: snapshot comments
The UN is in session. The US, especially, is in for a rough ride but the =
UK and Australia are unlikely to escape critisicm for riding roughshod =
over UN rules in order to invade Iraq. Feelings are running high and the =
recent desperate diplomacy by the USA seems to have achieved little. But =
much shouting is probably window dressing and the USA will get most of =
what it asks for. In the meantime, members are having their blunt say, =
some pointing out that the UN fell in behind the US when it wanted help =
after 11 Sept 2001 only for the USA to kick sand in its face.=20
*** Drugs: have governments taken their eye off the ball?
As President Bush tries to shovel himself out of a hole with the UN, the =
UNODC publishes a report showing that the past two years' focus on the =
war on terrorism may have meant a free ride for the previously embattled =
in the war on drugs.
*** USA drives G7 towards economic uncertainty
The G7 is parroting the USA's line on exchange rates. The USA has an =
agenda that will cause great concern across South East Asia, which =
continues to struggle to recover from the 1997 currency crisis, which =
few deny was contributed to by massive exchange rate arbitrage.
*** NYSE: a market or a shambles?
The Monday Editorial: Nigel Morris-Cotterill asks the awkward questions =
about the NYSE's messy handling of what will become known as Grassogate.
*** North Korea: "how do you launder?"
News leaking out of North Korea is that the country has had its first =
bank robbery in living memory. A major manhunt is under way. And surely =
someone spending that much money will be noticed...
*** UK: jail terms in mini-Enron case
It really was not that big a case of mis-stated profits but two =
directors of a public company have been sent to jail.
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World Money Laundering Report
Volume 5 of World Money Laundering Report will commence on 25th =
September 2003.=20
>From Volume 5, the number of issues increases from ten per volume to =
twelve. The issues will be delivered monthly on the last Thursday of =
each month.
Even though the number of issues has increased, the price of an =
individual subscription has reduced from GBP350 per annum to GBP280.=20
Subscribe at www.vortexcentrum.com/vcl04.htm
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Read these stories and more at=20
World Money Laundering Report: Online
Visit www.wmlro.com
And get six week's free trial
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Countermoneylaundering.com
Consultancy and strategies for counter-money laundering professionals =
since 1994.
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WMLR Digest News
*** Japan: bad banks with bad loans face a bad time. The reappointment =
of Heizo Takenaka as financial services minister means that banks will =
remain under pressure to sort out their loans portfolio. Many had hoped =
that Tanenaka would be replaced when is time was up but he's a =
convenient foil for prime minister Junichiro Koizumi who can continue to =
play the nice guy whilst Takenaka gets the blame for the government's =
policies. It's not quite like that in the real world: Koizimi and =
Takenaka work closely together but Takenana makes the public =
announcements. But it was Koizimi, personally, who made the decision for =
the government's intervention in the Rexona debacle. The bad debt =
problem continues to haunt the Japanese banking sector and to upset =
capital adequacy ratios which will become even more dubious if banks =
adopt Basle II.  Takenaka was given responsibility exactly a year ago. =
In that time, he has made a lot of noises that the financial sector - =
used to doing pretty much as it li
 - both regulators and in businesses.=20
*** How stupid can people be? Off topic, perhaps, but nevertheless =
relevant - remember that we all expect to be able to tell our staff to =
do complicated things like follow compliance systems - is the story that =
a UK health department has issued guidelines to schools on how children =
should eat carrots. The instructions, which amount to "eat from the =
pointy-end and throw the green bit away", are because schools which =
previously gave fruit to schoolchildren are now giving them carrots =
instead. The policy of explanation was, the department says, because =
schools asked for it. Now, we have to ask one basic question - what =
school thought they needed to ask how children should eat carrots? And =
if teachers can't work that one out for themselves, what hope can we =
have that staff can follow the systems we design?
*** Lloyds TSB - one of the UK's big banks, has been fined nearly GBP2 =
million for failing to properly control its bonds sales force. The =
Financial Services Authority has levied the civil penalty following a =
long investigation into so called "mis-selling." The heart of =
"mis-selling" is when unsuitable products are recommended but the =
compliance systems that are supposed to reign in the enthusiasm of =
salesmen are absent or don't work. Purchasers will have to be =
compensated making the total bill considerably higher.
*** Not the BVI. Say "Virgin Islands" and except for those that =
automatically picture Richard Branson, most people would assume the =
British Virgin Islands. Say money laundering and there is an automatic - =
and unfair - association. So the news that four men - Fathi Yusuf, , =
brothers Waleed Hamed, and Waheed Hamed and Maher Yusuf (who all put =
their surnames last, incidentally)  have been charged in the US - yes, =
US - Virgin Islands with money laundering and other offences will cause =
surprise. They are alleged - in an indictment containing 76 charges -  =
to have laundered about USD60million in undeclared profits from a =
business: Plaza Extra - a chain of three - yes, three - grocery shops - =
by the simple expedient of taking the cash to a nearby island. According =
to Highways Extra, a USVI website, Plaza Extra " will remind you of a =
large market on the mainland, but with an emphasis on Middle Eastern =
foods." "Keep here or take away, sir?" For general interest, take a look =
at http://www.jani
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Canada, USA and International Tax advice
www.centa.com
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The best counter-money laundering e-learning programme
Visit www.quicktolearnmore.com
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IF YOU LIKE this: you'd love World Money Laundering Report.
See www.vortexcentrum.com for details.
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*Copyright etc.*
WMLR Digest is 1999-2003 in all formats for all the World. However, you =
are encouraged to forward it to friends and colleagues that are likely =
to be interested. The only conditions attached to this permission is =
that the mail must be forwarded in its entirety and without addition, =
deletion or modification and that it must not be sent to anyone that you =
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Vortex Centrum Limited (World Money Laundering Report) asserts its moral =
rights to be identified as author with regard to the content of WMLR =
Digest.
World Money Laundering Report and WMLR Digest and World Money Laundering =
Report: Online are published by Vortex Centrum Limited, a UK =
corporation. Full contact details are at www.antimoneylaundering.net
Tel: + 6 03 2072 5188 (Kuala Lumpur, Malaysia)
Editor Nigel Morris-Cotterill
WMLR Digest ISSN1473-3390
World Money Laundering Report (electronic) ISSN 1473-3439
World Money Laundering Report (print) ISSN 1473-3455
Email - [email protected]=
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