World Money Laundering Report: Digest 20061219

World Money Laundering Report: Digest.

Citation: WMLR: D 2006 12 19

===================================

*The Society of Anti Money Laundering Professionals.*

*Join the global society now at www.socamlpro.org*

==================================

In World Money Laundering Report Online : Daily News recently -

UK: Government's good news stories don't match up

19. December 2006

Banking for the poor is important even in the UK - but what was once an ideal solution has been ruined and the latest plans don't make it look as if there is much hope that things will improve.

Visit www.wmlro.com for the full story

USA: FinCEN's case report blows hole in myth of US counter-money laundering strategy

18. December 2006

The USA keeps trying to tell everyone how great its counter-money laundering laws, regulations and strategies are. Those in the know - both good guys and bad - are aware of the truth: there are so many wrinkles, loopholes and simple get outs that the law is an ass (an English ass, that is, not an American one: we don't want bad language here).

Visit www.wmlro.com for the full story

AUS: arrests in finance company case

18. December 2006

ASIC has executed warrants against two people accused of taking clients' funds.

Visit www.wmlro.com for the full story

UK: Government manipulates news agenda but bad news gets attention anyway.

15. December 2006

Blair's press machine tried its best to make sure that news of its politically inspired dropping of two year old investigation into alleged corruption involving a foreign government and the long-expected interview by the police into Labour Party funding in return for seats in the House of Lords were overshadowed by the release of the Stevens report into the death of Diana, Princess of Wales. It failed as all three stories gain pride of place in headlines. After his interview with Police, Blair fled the country.

Visit www.wmlro.com for the full story

Counterfeiters offer Windows Vista for download

14. December 2006

It's possible that you might get the product you pay USD80 for, but it's equally possible that the spam offering deep discounts on downloads of Windows Vista may just be trying to get your credit card details.

Visit www.wmlro.com for the full story

UK: many arrests in latest VAT fraud raids

14. December 2006

"Organised criminals are attacking the tax system, with the aim of stealing huge amounts of revenue. The scale of the problem across Europe is unprecedented," says UK Customs as more "carousel" fraud suspects are arrested.

Visit www.wmlro.com for the full story

Palestine: Israel holds politician

14. December 2006

Israel is tonight preventing the Palestinian Prime Minister returning home on suspicion of carrying funds for the Palestinian government from Iran - but he is not under arrest.

Visit www.wmlro.com for the full story

UK: Treasury levers poor into banking - or so it hopes

13. December 2006

The UK Treasury is still trying to persuade everyone to get a bank account. Three reasons: one, it's cheaper, easier and more secure to pay benefits into a bank account; two more accounts, less cash so less tax evasion; three better record keeping for personal finances so less money laundering. But the poor aren't paying attention so a new initiative has been launched today to encourage new accounts. The government's secret weapon? Free ATMs. The announcement is a load of Eds.

Visit www.wmlro.com for the full story

HK: GST - between two stools

13. December 2006

Hong Kong has abandoned its attempt to introduce a general sales tax or GST. It's not the first to toy with the idea and give up. But there may be a power play in the making.

Visit www.wmlro.com for the full story

Christmas / New Year Holiday: WMLRO will not be published from 23 December 2006 – 1 January 2007 inclusive.

=========================

There is only one due diligence tool that assesses account risk before a single transaction takes place.

www.riskvalues.com

Risk Values: Know your customer, not just his money.

==========================

*The Anti Money Laundering Network News:*

Our Global Response Centre in Kuala Lumpur (+6 03 2078 9152) will close for Christmas and New Year.

The Office closes at 15:00 local time (07:00 GMT) on 22 December 2006 and re-opens at 09:00 local time (02:00 GMT) on 2nd January 2007. During that time, our team will not generally be available by e-mail or telephone.

In the case of enquiry please use the contact form at www.antimoneylaundering.net for all Group businesses and a duty officer will review your message.

You may use the contact form at www.antimoneylaundering.net to contact any of the following business units

*Silkscreen Consulting* – counter-money laundering strategies, technical assistance and face to face training for governments, supra-national organisations and commercial / financial concerns – www.countermoneylaundering.com

*World Money Laundering Report*: Monthly analytical journal, weekly e-newsletter, daily news service.

www.vortexcentrum.com / www.wmlro.com

*Quick To Learn More* – e-learning. Specialist platform for compliance training including counter-money laundering and anti terrorist financing. www.quicktolearnmore.com

*Risk Values* – the only customer profiling tool available at point of sale www.riskvalues.com

*The Financial Crime Forum* - High level events for representatives of governments, supra-national organisations, charities, financial services businesses and commercial concerns interested in all issues surrounding financial crime from fraud to corruption, from investigative techniques to compliance issues, from money laundering to terrorist financing. Fascinating and demanding events . www.financialcrimeforum.com

*antimoneylaunderingtraining.com* - The centre for anti-money laundering training www.antimoneylaunderingtraining.com

*The Society of Anti Money Laundering Professionals* - The new global Society for representatives of governments, supra-national organisations, charities, financial services businesses and commercial concerns www.socamlpro.org

*We wish everyone a happy and joyous Christmas and a healthy, prosperous and peaceful 2007.*

==========================

World Money Laundering Report: Digest News

======================

USA: at last politicians have grasped that US counter-money laundering law is actually not very good and the new Democrat-led Senate is expected to look at the position and try to put in place laws that don't have so many loopholes.

Europe: the Third Directive must be brought into place in 2007 – right across the EU. It will be a money launderer's benefit as countries don't pass laws that are identical.

China: new law to combat money laundering comes into force in Dec 2006 but implementation will take a little while. However, regulators have already served notice that they will not tolerate slackness. All those foreign banks looking for access under WTO will live in interesting times.

Vietnam: the law's in place and the Australians are helping with training at the embryonic FIU: but on the streets, the population at large has no idea that there is even a counter-money laundering law, much less what it does. But when they find out about it, their first reaction is to ask if it can be used to combat corruption. As WTO bites, and foreign companies try to move in opportunities for corruption will be enormous and some companies and countries will not be quite so moralistic about the issue.

Iceland: the rapidly developing investment business is attracting attention from both sides of the money laundering divide, and increasingly countries such as Denmark and Finland are asking what's going on in the Arctic circle. Iceland says its procedures are intact. Others are less comfortable with a lack of beneficial owner information. Watch for this to hit the news big time in early 2007.

=======================

Your centre for counter money laundering and anti terrorist financing training

www.antimoneylaunderingtraining.com

===================================

*The Society of Anti Money Laundering Professionals.*

*Join the global society now at www.socamlpro.org*

==================================

NOTE: This mail has codes that are personal to you. Ask people to sign up for themselves at http://www.wmlro.com/wmlrd/wmlrd0001.htm instead of reading yours!

World Money Laundering Report: Digest is published in the UK by Vortex Centrum Limited

Digest is a free subscription only weekly periodical reaching some 10,000 readers.

Vortex Centrum Limited is a UK corporation. Full company details at www.vortexcentrum.com.

Vortex Centrum Limited is part of The Anti Money Laundering Network at www.antimoneylaundering.net

Editorial Offices: Kuala Lumpur Malaysia, +6 03 2142 7588

Sales: +6 03 2078 9152

=========================