Points out that the creation of the euro currency and liberalisation of the EU financial markets has created opportunities for money laundering. Outlines international legal instruments to combat money laundering; these include the Financial Action Task Force’s 40 recommendations and the...

Traces the history of the important obligation of financial systems and other vulnerable professions to report any suspicious transactions in order to combat money laundering. Contrasts the 1988 Statement of Principle of the Basel Committee on Banking Regulations and Supervisory Practices, which...

Purpose – The purpose of this paper is to discuss recent trends in anti‐money laundering enforcement by UK regulatory authorities and the UK's response to recent EU anti‐money laundering regulatory reform proposals. Design/methodology/approach – The paper describes HM Treasury's review...

Introduces the new Polish Penal Code; passed in 1997, it is one of many statutes which are adapting Polish criminal law to the free economy, and includes provisions for economic crime. Outlines its provisions for corruption, which are contained in Chapter XXXVI: Offences Connected with Business...

Reviews Sri Lanka’s long past encounters with terrorism, including the suicide bombing of 1996 which killed thousands and left the economy in a shambles. Outlines the Sri Lankan Code of Criminal Procedure, concluding that it falls far short of UK law in preventing terrorist financiers enjoy...

Reports some recent activities within the Organisation for Economic Cooperation and Development (OECD) which aim to strengthen defences against international economic crime, focusing on offshore financial centres (OFCs) and including cooperation with the Financial Action Task Force. Covers...

Reviews the scope of money laundering crimes, the new requirements for anti‐money laundering compliance programmes, and the Office of Foreign Assets Control (OFAC) requirements; the latter, which restricts dealings with foreign entities, was operating since World War 2 but had little impact...

Traces the development since 1989 of the Canadian anti‐money laundering framework, which involves the obligation on lawyers to report suspicious transactions and not inform the client about this disclosure; previously, it was not an offence to disguise the criminal origin of assets, but the...

Analyses specific sections of the 2001 Act as they concern powers over financial services. Includes Section 311: Special Measures Involving Foreign Jurisdictions, Financial Institutions, Transactions and Accounts of Primary Money Laundering Concerns; Section 312: Special Due Diligence for...

Introduces the very wideranging and draconian Proceeds of Crime Act 2002 (PoCA) and its provisions under section 7 for denying the commercial and banking system to would‐be money launderers: they are intended to turn bankers, accountants and lawyers into the unofficial policemen of financial...