DATE=7/1/98
TYPE=CORRESPONDENT REPORT
NUMBER=2-234870
TITLE=MONEY LAUNDERING (L ONLY)
BYLINE=GEORGE MEEK
DATELINE=RIO DE JANEIRO
CONTENT=
VOICED AT: *
INTRO: AN INTERNATIONAL COALITION TO COMBAT CONCEALMENT OF
PROFITS FROM DRUG TRAFFICKING -- THE EGMONT GROUP -- HAS ENDED
TWO DAYS OF TALKS IN BUENOS AIRES (ARGENTINA) WITH A CALL FOR
ESTABLISHMENT OF FINANCIAL INTELLIGENCE UNITS IN MORE COUNTRIES.
WE HAVE DETAILS FROM V-O-A'S CORRESPONDENT GEORGE MEEK IN OUR
SOUTH AMERICA BUREAU.
TEXT: THE EGMONT GROUP CELEBRATED THE RECENT ESTABLISHMENT OF
FINANCIAL INTELLIGENCE UNITS IN PARAGUAY, TURKEY, CYPRUS, AND
TAIWAN. THE GROUP SAYS THERE ARE NOW 38 OF THESE UNITS, AND MORE
ARE NEEDED. SPAIN WILL HEAD A WORKING GROUP TO TRY TO ESTABLISH
THEM. THE FINANCIAL INTELLIGENCE UNITS, LIKE THE U-S FINANCIAL
CRIMES ENFORCEMENT NETWORK, GATHER INFORMATION ON SUSPICIOUS
MONEY TRANSFERS AND PASS IT ON TO AUTHORITIES FOR INVESTIGATION
AND PROSECUTION IF APPROPRIATE.
THE EGMONT GROUP WOULD LIKE TO SEE MORE SHARING OF INFORMATION
AMONG THE UNITS. ARGENTINA, THE HOST FOR THE EGMONT GROUP
MEETING, DOES NOT YET HAVE A FINANCIAL INTELLIGENCE UNIT. THE
GOVERNMENT IS PROPOSING LEGISLATION TO ESTABLISH ONE, WHICH WOULD
REQUIRE COURT AUTHORITY TO ACT.
ARGENTINE BANKERS CRITICIZE THE PROPOSAL, SAYING IT WOULD GIVE
TOO MUCH SNOOPING POWER TO THE INTELLIGENCE UNIT. THE EGMONT
GROUP -- NAMED AFTER THE CHATEAU IN BELGIUM WHERE IT STARTED --
WAS HOLDING ITS SIXTH ANNUAL MEETING IN BUENOS AIRES. IT WAS THE
GROUP'S FIRST MEETING IN LATIN AMERICA.
IN OCTOBER BUENOS AIRES WILL HOST THE ANNUAL MEETING OF THE
WORKING GROUP ON MONEY-LAUNDERING OF THE INTER-AMERICAN
COMMISSION AGAINST DRUG ABUSE, AN AGENCY OF THE ORGANIZATION OF
AMERICAN STATES.(SIGNED)
NEB/GM/PT
01-Jul-98 5:08 PM EDT (2108 UTC)
NNNN
Source: Voice of America
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