World Money Laundering Report: Digest 2003 10 06

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This month's World Money Laundering report has come through the CEN-TAPEDE. I suggest any one (or any business) who moves money across borders or deals in finance of any sort should read this neswsletter.  If you do not move money or deal in finance, hit delete now.  
You can also bypass readingthis summary and go directly to the newsletter at www.wmlro.com - check out the six week free subscription as well.
 
david ingram
 
----- Original Message ----- 
From: [email protected] 
To: [email protected] 
Sent: Sunday, October 05, 2003 8:45 PM
Subject: World Money Laundering Report: Digest 2003 10 06
World Money Laundering Report: Digest
WMLR Digest
6 October 2003
(late delivery of issue for 2 October 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.
Subscribe / Unsubscribe information is at the end of this newsletter.
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*** US may support Sudan's removal from terrorism list
In a move that demonstrates that the US is the primary mover in declaring what is and is not terrorism and that it is prepared to use that power to get its own way in international relations is demonstrated by the proposal to support the removal of Sudan from one of many blacklists.
*** Stock Scam Spammers on the offensive
The past month has seen a significant upsurge in internet messages promoting stocks. If they work, they can make big money for the pump and dump promotors
*** UN Treaty on Transnational Organised Crime in force
The UN Treaty on Transnational Organised Crime entered into force yesterday. And yes, it means more work for MLROs
*** Malaysia: cheque scam causes mass cancellations
The state government of Penang, one of the federated states of Malaysia, has cancelled thousands of outstanding cheques after discovery of a massive counterfeit operation
*** Spam: sudden upsurge in worrying drug adverts
The sudden increase in spam advertising for a potentially dangerous prescription drug highlights why countering spam is becoming more than a question of nuisance control.
*** US Virgin Islands: former government officer charged
DR. LUCIEN A. MOOLENAAR, II, DDS, former Acting Commissioner of the Department of Health and current Deputy Commissioner of Public Health Services for the US Virgin Islands has been charged with two offences alleging the theft of some USD102,000
*** NYSE: Grasso ripple effect takes first major casualty
The questions over how anyone could have thought that no problems would arise over the massive moneys agreed to be paid to Dick Grasso have caused the resignation of the first senior NYSE personality. The NYSEhas inadvertently identified a problem inherent in the Cadbury report.
 
*** AML IT: Just how much is this supposed to cost?
Silicon.Com has come up with positive news for AML IT suppliers. The rest of you aren't going to like it.
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Read these stories and more at 
World Money Laundering Report: Online
Visit www.wmlro.com
And get six week's free trial
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In World Money Laundering Report Volume 5 published 26th September 2003
- THE BANK THAT NEVER WAS. ANOTHER CASE STUDY OF BANKING SERVICES FROM A NON-REGULATED COMPANY
- HUNTING THE TERRORIST HUNTERS. THE BOOK "TERRORIST HUNTER" PROVIDES A BACKDROP TO A DISTURBING TREND
- PRIME-ARY COLOURS: THE NOT-A-BANK "BANK" THAT CHANGED ITS LOGO. FOLLOWING UP ON THE PRIME BANK LIMITED STORY FROM VOL. 4 NO 10: THINGS ARE NOT AS THEY SEEM
- RESPONDING TO INTERNATIONAL STANDARDS BY RICHARD PRATT, DG, JERSEY FINANCIAL SERVICES COMISSION
- WHITE HOUSE: "WHY WE WENT TO WAR." THE WHITE HOUSE FAILS TO MAKE ITS CASE.
- REVIEW: A PRACTITIONERS' GUIDE TO INTERNATIONAL MONEY LAUNDERING LAW AND REGULATION. REVIEWED BY VICKY WAND OF SCHRODERS
- SHORTS - SHORT NEWS PIECES INCLUDING WHY SUN'S LINUX ANNOUNCEMENT IS GOOD FOR BANKS STRUGGLING  WITH THE COST OF  REGULATION.
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World Money Laundering Report
Volume 5 of World Money Laundering Report will commence on 25th September 2003. 
>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. 
Subscribe at www.vortexcentrum.com/vcl04.htm
============
WMLR Digest News
*** WMLR was in Labuan last week for the Offshore Association's Annual Dinner (hence the late delivery of WMLR Digest). The Deputy Director of Bank Negara Malaysia and the Director of the Labuan Offshore Financial Services Authority had two messages: first was that Labuan is making a success of its development of Islamic instruments and in developing high quality offshore services within its tight regulatory framework. The second, which was heavily pressed by both speakers, was Labuan's continual and strong efforts to ensure that the Island is as protected as they can make it against abuse by money launderers, funders of terrorism and other financial criminals. The message was clear: don't mess with a reputation we have worked hard to build or we will come down hard on you and throw you out.
*** Russia's Rosebalt News Agency reports comments by Deputy Speaker of the Russian State Duma Irina Hakamada in which she said that Russian businessmen spend as much as USD33 milliard on bribes. 
*** FATF imposes countermeasures on Myanmar: at its meeting in Stockholm the FATF made no additions or removals from its NCCT list despite considerable changes in law in several countries. However, it did require its members to impose countermeasures on Myanmar if that country does not bring forward legislation for mutual legal assistance "and issues comprehensive implementing rules and regulations for its anti-money laundering law" before 3 November. In the event of failure, the countermeasures, which will mean that all transactions involving Myanmar banks and other businesses are likely to be regarded as automatically subject to suspicion and it is probable, if past history is followed, that the USA will name Myanmar a country of special money laundering concern under the USA PATRIOT Act. The FATF also issued an international best practices note and an interpretative note relating to terrorist financing.
*** Charlotte, North Carolina's First Charter Corp. bank has entered into a written agreement with regulators to improve its AML controls within 60 days and to review all cash transactions since June 2001 with a view to identifying any suspicious transactions. 
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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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