This is a multi-part message in MIME format. ---------------------- multipart/alternative attachment 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 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D 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. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D *** 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. ::::::::::::::::::::::::::::::::::::::::::::::::::::: 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 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Read these stories and more at=20 World Money Laundering Report: Online Visit www.wmlro.com And get six week's free trial ------------------ Countermoneylaundering.com Consultancy and strategies for counter-money laundering professionals = since 1994. -------------------- 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 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Canada, USA and International Tax advice www.centa.com =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D The best counter-money laundering e-learning programme Visit www.quicktolearnmore.com =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D IF YOU LIKE this: you'd love World Money Laundering Report. See www.vortexcentrum.com for details. ------------------------------------------ About WMLR Digest:2,000+ opt-in subscribers in legislatures, regulators, = law enforcement agencies, banks, insurance companies, law firms and = others plus more than 3000 "pass-on" readers and at least 3500 = additional readers on private circulation lists. About World Money Laundering Report: Online - over 50,000 hits in the = past month. ------------------ Subscription / unsubscribe information World Money Laundering Report - Prices appear on the World Money Laundering Report website at www.vortexcentrum.com Volume 4, and archives of Volumes 1-3 are available in electronic form. =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Info, subscribe, unsubscribe information at www.vortexcentrum.com/digestinfo.htm *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 = think would not welcome it. You are welcome to distribute it internally = to your all or part organisation but extensive mailings outside your = organisation are not permitted. 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]= ---------------------- multipart/alternative attachment An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/fe049bfb/attachment.htm ---------------------- multipart/alternative attachment--
