THE DEADLY THREAT TO WORLD PEACE IS COUNTRIES THAT PARTICIPATE IN MONEY LAUNDERING!!!
MONEY LAUNDERING IS A FILTHY ECONOMIC "DISEASE" THAT WILL INFLICT US ALL!!
DIFFERENT POINT OF VIEW by Monte Friesner >
Financial Crime Consultant for WANTED SA >
Saturday October 23, 2010 >
I receive dozens of e-mail and letters each day with issues of concern about illicit money and mostly from Compliance Officers who are sincerely combating this vicious disease. Yes Money Laundering is a vicious disease that must be stamped out; however, this disease needs the cooperation of everyone.
During the ABA Money Laundering Enforcement Conference held in Washington I had received many calls on our Toll Free Direct Line and I had the opportunity to discuss many important compliance issues with the attendees. Though this was certainly not a scientific survey and it is not a secret that I was a former felon who has become a Financial Crime Consultant lecturing and instructing banks, financial institutions, law firms, insurance companies who are sincerely concerned about the threat of money laundering.
I believe that I acquired a sense of what issues deeply concern most everyone about the illicit flow of money and how to combat this deadly disease. We must stop kidding ourselves because Money Laundering is neither romantic nor adventurous, but a deadly disease that is being fought around the world.
I list the primary topics below, in the order of the priorities that I feel the compliance officers that I spoke to informally assigned them.
Here's what I learned is of critical concern to the individuals I spoke to:
- The Iran Sanctions dilemma: I learned that that most Compliance Officers feel that they do not have sufficient tools on hand to identify, on a real-time basis, Iran Sanctions evasions transactions, let alone interdict them.
- Bulk Cash coming full circle: Return, to the Continental United States, of Narco-Cash that has been successfully bulk cash smuggled out. Since some of these funds merely transit the USA en route their final destination; there is a sense of frustration, especially with MSB funds coming in. Should American banks continue to accept this obviously tainted money or should policies change with foreign MSBs from high-risk countries?
- Trade-Based Money Laundering: many bankers are simply unaware of the techniques and strategies employed, resulting in successful laundering operations.
- Terrorist Financing: With little or no guidance on how terrorist financing techniques actually work, there is little chance of identifying the transactions, or of alerting regulators.
- Venezuela: The special Source of Funds and Beneficial Ownership problems on money originating in Venezuela: The "Perfect Storm" of suspected drug profits, Iranian funds, and illicit PEP cash all combine to create a compliance nightmare, for which there appears to be no solution, according to most compliance officers.
Are these your primary worries as well? I am always available to speak with anyone; welcome your comments and additions to this short list.
We all must work together!
The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.