Barbados Real Estate Property For Sale
Money Laundering and Financial Crimes
The 1993 Prevention Act introduced requirements for the recordkeeping (six years) and the reporting of large currency transactions ($17,000) and suspicious and unusual financial transactions. These recordkeeping and reporting requirements apply to banks and other components of the financial system (credit unions, credit card companies, casinos, real estate developers, investment, securities and insurance companies, stockbrokers, currency exchange houses, jewelers, and dealers in antiques, art, stamps and coins). The Act established the Commission for the Prevention of Money Laundering and Monetary Offenses as the ultimate authority to coordinate the anti-money laundering preventive efforts of all governmental agencies and the financial sector. The Commission has an Executive Service (SEPBLAC) which functions as Spain's financial intelligence unit (FIU). SEPBLAC, a multi-agency body located under the authority of the Bank of Spain (equivalent to the Central Bank), receives and analyzes ... [Read More]
Department of State Washington File: Text: Official Urges Senate Approval of Japan, Sri Lanka Tax Treaties
In addition, tax treaties include provisions related to tax administration. A key element of U.S. tax treaties is the provision addressing the exchange of information between the tax authorities. Under tax treaties, the competent authority of one country may request from the other competent authority such information as may be necessary for the proper administration of the country's tax laws; the requested information will be provided subject to strict protections on the confidentiality of taxpayer information. Because access to information from other countries is critically important to the full and fair enforcement of the U.S. tax laws, information exchange is a priority for the United States in its tax treaty program. If a country has bank secrecy rules that would operate to prevent or seriously inhibit the appropriate exchange of information under a tax treaty, we will not conclude a treaty with that country. In fact, information exchange is a matter we raise with the other co ... [Read More]
M) Money Laundering and Financial Crimes
Taiwan’s anti-money laundering legislation is embodied in the Money Laundering Control Act (MLCA) of April 23, 1997. Its major provisions include a list of predicate offenses for money laundering, customer identification and record keeping requirements, disclosure of suspicious transactions, international cooperation, and the creation of a Financial Intelligence Unit, the Money Laundering Prevention Center (MLPC). In October 2002, the Executive Yuan approved draft legislation to amend the MLCA and forwarded it to the Legislative Yuan for approval. Among the amendments are provisions for the freezing of assets related to money laundering and terrorism, and for the creation of a system for sharing forfeited assets with domestic and foreign enforcement agencies. The legislation also expands the list of financial institutions to include pawnshops, travel agents, car dealers, and real estate brokers. Other amendments call for stiffer penalties for major or recidivist money launderers, the l ... [Read More]
International Narcotics Control Strategy Reports
US DEPARTMENT OF STATEBUREAU OF INTERNATIONAL NARCOTICS MATTERSINTERNATIONAL NARCOTICS CONTROL STRAGEGY REPORTAPRIL 1994FINANCIAL CRIMES AND MONEY LAUNDERING1994 INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTINTERNATIONAL MONEY LAUNDERINGOVERVIEWIntelligence findings from North and South America, Eastern and Western Europe, South and East Asia, Africa and the Middle East confirm that another significant shift has occurred in money laundering trends and methods, requiring changes in policy and strategy for 1994.The critical aspects are the volume of non-drug related money laundering; increased investment of illegal proceeds in legitimate business, including the financial industry; and the targeting of financial systems in countries/territories (some with little or no domestic involvement in drug trading or other serious proceeds-generating crimes) to launder drug and other proceeds generated by crimes committed in other jurisdictions.In 1988, when the United Nations Convention was ... [Read More]
Country Reports: G-M
Gabon Gabon is not a regional financial center. The Bank of Central African States (BEAC) supervises Gabon’s banking system. BEAC is a regional Central Bank that serves six countries of Central Africa. According to a 2003 letter from the Government of Gabon (GOG) to the UN Counter Terrorism Committee, in matters concerning suspicious financial transactions, banks are bound by the instructions of the Ministry of Economic and Financial Affairs. The actual monitoring of financial transactions is conducted by the Economic Intervention Service that harmonizes the regulation of currency exchanges in the member States of the Central African Economic and Monetary Community (CEMAC). On November 20, 2002, the BEAC Board of Directors approved draft anti-money laundering a ... [Read More]
The Caribbean
Total Arrests4,6154,0291,6761,4813,1663,3992,9685,6354,748 [Read More]
Money Laundering and Financial Crimes
(1) Patterns of Global Terrorism—1999, United States Department of State Publication 10687, April 2000.A wide-ranging joint FBI and Department of Treasury investigation into interstate cigarette smuggling, involving a suspected Hizballah terrorist cell operating in Charlotte, North Carolina, led to the July 21, 2000 arrest by U.S. authorities of 18 individuals. Ten days later a federal grand jury in North Carolina indicted these individuals, including seven suspected Hizballah supporters, for immigration fraud and related bribery and conspiracies; conspiring to smuggle contraband cigarettes; and conspiring to launder money. Many of the defendants continue to be detained prior to trial, while the investigation continues. At least seven of the defendants are suspected members of, or sympathetic to Hizballah, a foreign terrorist organization designated as such under U.S. law in 1997 and again in 1 ... [Read More]
M) Money Laundering and Financial Crimes
The following are summaries of the most significant priority issues:Refocus Efforts of High Intensity Financial Crime Areas (HIFCAs). HIFCAs are special, high-risk areas or sectors where law enforcement will concentrate its resources and energy to combat money laundering. The 2001 Strategy mandated that the HIFCA task forces become operational and conduct investigations designed to result in indictments, convictions, and seizures, rather than focus primarily on intelligence gathering. Each of the six HIFCA Task Forces is now actively working cases. HIFCA Task Forces are composed of, and draw upon, all relevant federal, state, and local agencies. The Departments of Treasury and Justice jointly supervise the HIFCA Task Forces, and the 2001 Strategy primarily tasks the Federal Law Enforcement Training Center (FLETC) and Justice’s Asset Forfeiture and Money Laundering Section to develop an advanced money laundering training program to enhance the HIFCA Task Forces’ abili ... [Read More]
Tips for Travelers to the Caribbean
May 1997 Foreword Since colonial times, the Caribbean has been a favorite place for American visitors. In the past 50 years, tourism to the area has increased greatly, and today millions of U.S. citizens visit the islands every year. The majority of these visitors have a safe trip. To help you have a similar experience, the Department of State's Bureau of Consular Affairs has prepared these tips for you. Consular Affairs provides services to Americans ... [Read More]
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