ACCESSION NUMBER:00000
FILE ID:95113008.LAR
DATE:11/30/95
TITLE:30-11-95 U.S. HOPES FOR HEMISPHERIC COMMITMENT ON MONEY LAUNDERING
TEXT:
TR95113008 (Treasury Secy. Rubin says) all (770)
By Andrew L. Lluberes
USIA Staff Writer
WASHINGTON -- The United States hopes its hemispheric neighbors agree
to criminalize money laundering, deny criminals access to financial
institutions, and expand law enforcement tools for attacking money
laundering when they hold a ministerial meeting in Buenos Aires, says
Treasury Secretary Robert Rubin.
Rubin, who will chair the Dec. 1-2 ministerial, laid out those three
U.S. goals for the meeting at a Nov. 30 briefing on his trip to
Argentina and Brazil.
The secretary said the globalization of the economy mandates "a
comprehensive, international effort .. to choke off the threat posed
by money laundering."
Individual governments, he added, need to adopt a "coordinated and
cooperative" response to the problem similar to the one Washington has
established in Treasury's Financial Crimes Enforcement Network
(FinCen), which brings together elements of the Treasury, State, and
Justice departments.
Rubin noted that the United States criminalized the laundering of
money obtained through narcotics, arms trafficking, or other crimes
nine years ago.
The secretary said he will encourage other governments in the
hemisphere to take that step. He will also encourage his counterparts
in Buenos Aires to modify laws and regulations so as to deny criminals
access to financial institutions, establish systems to report possible
criminal financial activity, create financial intelligence units
similar to FinCen, and expand law enforcement tools such as forfeiture
laws and increased sharing of information among authorities.
"Together, each of these pieces support the ultimate goal of the
ministerial conference, which is for the nations of this hemisphere to
take ownership of this broad anti-money laundering strategy," Rubin
said. "Each nation will need to do more than merely affirm the fine
point of the communique. We all share an economic and social interest
in keeping our financial system free from criminal taint.
"In addition, because the only way to ensure success is the full and
effective implementation of the recommendations, I believe each nation
will be asked to work with the Organization of American States (OAS)
to produce a candid assessment of its own compliance."
The ministerial is the latest in a series of follow-up meetings to the
Summit of the Americas held in Miami a year ago by the leaders of the
hemisphere's 34 democracies. The Plan of Action issued at the summit
targeted money laundering and related corruption for attack, and gave
the OAS wide responsibilities for seeing that the summit's goals were
implemented.
"This weekend's conference will mark a milestone in what is becoming a
global commitment to attack crime where it hurts, in the criminal's
pocketbook," Rubin said. "If we deal with money laundering, if we
hamper the criminal's ability to legitimize ill-gotten money, we can
undermine drug dealing and other illegal activities. If we deal with
money laundering, we can prevent the undermining of financial systems
and political systems."
Rubin, who said his interest in Latin America dates back to the senior
honors thesis he wrote on the Brazilian economy at Harvard 35 years
ago, said that on his first visit to the region as treasury secretary
he will also discuss the Clinton administration's strong support for
an international economic approach that stresses developing open
trading systems and financial markets, strengthening the global
economy against financial crises, and encouraging economic development
and reform.
The secretary will meet with Presidents Carlos Menem of Argentina and
Fernando Henrique Cardoso of Brazil and other officials during his
visit to Buenos Aires and Brasilia.
On other issues, Rubin said:
-- The growing "economic nationalism" in the United States and other
industrialized countries will make it difficult to pursue the
international economic policy President Clinton believes is essential
for the United States. Absent that policy, Rubin fears economic
disparity will continue to increase in this country and elsewhere in
the hemisphere.
-- There is "zero question" in his mind that the $20,000 million U.S.
rescue package for Mexico was in the vital interests of the United
States and is working. He noted that Mexico has already repaid $700
million of the $12,500 million it tapped, and said it is "unlikely"
Mexico will require any more of the money.
-- Despite a "disappointing" setback in Congress this year, the
administration remains committed to obtaining fast track authority for
the negotiations to admit Chile to the North American Free Trade
Agreement. Rubin said a suggestion to raise the fast track issue after
the completion of the current budget negotiations with Congress is a
"good idea."
NNNN
|
NEWSLETTER
|
|
Join the GlobalSecurity.org mailing list
|
|
|
