|
|
|
U.S. DEPARTMENT OF STATE
INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORT, MARCH 1996
United States Department of State
Bureau for International Narcotics and Law Enforcement Affairs
EXECUTIVE SUMMARY
Financial Crimes and Money Laundering
There were a number of significant developments in the money laundering
sphere in 1995:
- A Presidential Decision Directive announced in October through
which US agencies intend to identify and, if necessary, impose sanctions
on the most egregious offenders among governments and banks which
analysis indicates are facilitating the movement of proceeds of a
variety of serious crimes, including drug trafficking, arms smuggling,
sanctions violations and other offenses;
- Agreements on standards and objectives reached through the
communique issued at the conclusion of the Summit of the Americas
Ministerial Conference on Money Laundering, which established an action
plan for the 34 governments of this Hemisphere;
- Continued progress of the Financial Action Task Force, including
the conclusion of the first round of mutual evaluations of each of its
26 members; consideration of proposals to update FATF's universally-
accepted 40 recommendations to reflect new typologies and methodologies;
the beginning of evaluations of members of the Caribbean FATF; the
further enhancement of the Asian outreach program; the creation of a
common forum for major international bankers and government
policymakers; and the convening of an international conference of
financial intelligence units;
- Continued effectiveness of US agencies in cooperation with
foreign governments on major money laundering cases; and
- Several financial center governments, such as the Bahamas and
Panama, adopted broad, new anti-money laundering policies and/or laws,
while a number of governments were in the final stages of
presenting/adopting new legislation.
On October 21, 1995, President Clinton signed Executive Order 12978
utilizing the sanctions authority of the International Emergency
Economic Powers Act (IEEPA) for the first time against 80 designated
individuals and businesses found to be significant foreign narcotics
traffickers, including those who assist in laundering trafficker
proceeds via financial transactions. The Order blocks the assets in the
United States and US banks overseas of these traffickers, their front
companies and individuals acting on their behalf and prohibits US
persons from commercial and financial dealings with them. The Treasury
Department published a list of target companies and individuals and
notified US companies and banks to block their assets and prohibit trade
with them.
|
