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Archived Articles on Money Laundering - Nations and States - Global Policy Forum Archived Articles
Money Laundering
2001
Back to Current Articles | 2001 | 2000 | 1999 | 1998 Al Qaeda Cash Tied to Diamond Trade (November 2, 2001)
Osama bin Laden’s al-Qaeda network has greatly profited from the illicit trade in diamonds mined by rebels in Sierra Leone. Intelligence sources report that more diamonds than usual were bought since July 2001, a clear sign of money laundering. (Washington Post)China Dithers Over Anti-Money-Laundering Bodies (October 17, 2001)
China puts on hold its involvement with international agencies fighting against money laundering, without spelling out any reasons. (Reuters)Laundry of Choice for Criminals (October 10, 2001)
A report from France's National Assembly charged London of being a “safe hiding place for terrorist money” and accused Britain of failing to tackle the recycling of dirty money. (Guardian)Ancient Secret System Moves Money Globally (October 3, 2001)
Money laundering does not necessarily require a lot of technology: a phone and a fax machine are enough to transfer money anywhere in the world as the Hawala system shows.(New York Times)The Ethics of International Finance (Semptember 26, 2001)
The US has finally taken into account the seriousness of terrorism. A war on money laundering that facilitates the funding for terrorist activities is also being declared.(Guardian)Roadblocks Cited in Efforts to Trace bin Laden' Money (Semptember 20, 2001)
A proposal to curb money laundering by terrorists is suddenly gaining support among the Bush administration. Directly affected, the US now encourage international investigation and cooperation.(New York Times)Brown Urges "Terrorist Money" Clampdown (Semptember 19, 2001)
Following the attack against the US, western countries are launching an international effort to curb money laundering as a way to prevent terrorism. (Reuters)Small Wars, Small Arms, Big Graft (July 10, 2001)
Official, i.e. legal, trade in small arms has become ‘unfashionable’ in recent years, which is why illicit trade has flourished. Also, the latter has become increasingly linked to drug trafficking and money laundering. (Christian Science Monitor)After Dirty Air, Dirty Money (June 20, 2001)
Any agreement on the fight against money laundering and tax evasion will be toothless without the support of the US and the major European countries. (ATTAC)Tax Havens: Releasing the Hidden Billions for Poverty Eradication (June, 2001)
Offshore tax havens deprive governments in developing countries of the revenues they need to sustain investment in basic services and the economic infrastructure upon which broad-based economic growth depends. Six policy options are presented to stem tax evasion and reduce the negative impact of tax havens. (Policy Department of Oxfam)The Consequences of Money Laundering and Financial Crime (May 2001)
Money laundering, often seen as primarily a national law enforcement problem, also poses a serious international security threat. Laundered money inevitably flows into global financial systems, undermining national economies and currencies. (Economic Perspectives)Ex-Financier Used Code Names and Dummy Firms, Witness Says (March 13, 2001)
Mr. Brennan is facing a trial for bankruptcy fraud and money laundering. Whilst in bankruptcy, he found the way to invest several hundreds thousands dollars in Namibian diamond mines. Was it a good investment? (New York Times)
Citibank Criticized for Slow Response to Money Laundering Scheme (February 27, 2001)
What if national governments start imposing strict penalties on banks that are caught in money laundering schemes? Maybe they may just start taking due diligence more seriously. (New York Times)
Back to Current Articles | 2001 | 2000 | 1999 | 1998 Global Money Launderers (December 22, 2000 )
An editorial in the New York Times argues that there is the need for the US government to address and tighten its own money-laundering laws in order to enforce combating global crime.Tax Shelters for Businesses Flourish as IRS Scrutiny Fades (December 19, 2000)
With the IRS unable to uncover tax shelters and penalty against tax evasion rarely being served, most American businesses are willing to risk paying US$7 million fee for a tax shelter that will save a company $100 million. (New York Times)53 Companies Barred from World Bank Projects (December 13, 2000)
How sensible! The World Bank, as policy, declares a firm or an individual ineligible to be awarded a bank-financed contract if it found that the firm or individual had engaged in corrupt or fraudulent practices. (Karachi Dawn)The Billion-Dollar Shack (December 10, 2000)
“Amid the recent proliferation of money-laundering centers that experts estimate has ballooned into a $5 trillion shadow economy, Nauru is Public Enemy No. 1” explains Jack Hitt. (New York Times Magazine)Getting Serious About Money Laundering in Sundry Havens (December 4, 2000)
The quick success in recent times of anti-corruption and money laundering campaigns proves what is possible when the leaders of the global economy decide to take a problem seriously. (International Herald Tribune)Paris Finds Breaking the Bank in Monte Carlo a Tough Deal (December 01, 2000)
Because Monaco wants to protect the sector which generates more than a third of its national revenues, is it resisting the demands by Paris for more openness in its banking system and other financial operations? (International Herald Tribune )Corruption: A necessary evil? (December 1, 2000)
The Johsburg Mail examines the feasibility of ending the practice of corruption worldwide.Inquiry Grows in Laundering of Money (November 29,2000)
Have some US states allowed "the establishment of private corporations that can be used for money laundering” and have some major banks failed to conduct "due diligence" into identifying the owners of accounts? (New York Times)EU Resolves Dispute Over Tax Evasion (November 28, 2000)
As part of an agreement reached to combat the evasion of taxes on income, EU member countries have to either impose a withholding tax on income earned by foreigners or provide information about foreigners' income . (International Herald Tribune)Saying Income Tax Is Illegal, Business Owners Quit Paying(November 18, 2000)
With the IRS failing to bring any action against businesses who are openly refusing to pay income taxes, experts wonder how it would be able to stop tax cheating. (New York Times)Politics Undermines China's Crackdown on Corruption (November 9, 2000)
There are fears that corruption in China could reduce global confidence in its leaders, obstruct its economic reform, scare off investors and even affect its preparations to join the World Trade Organization. (Nando Times)Scandals Sully Indonesian Leader's Reform Image (November 8, 2000)
With speculations that the president himself might be involved in the corruption scandal, it would be difficult for him to pressure his Parliament to pass the legal reforms needed to crack down on corruption. (New York Times)Tax Competition and Tax Havens (November 7, 2000)
This paper presented by OXFAM at UN Financing for Development NGO Hearings, examines how tax havens impede the development efforts of the world’s poor countries. It explains that tax havens have contributed to annual revenue losses which are equivalent to annual aid flows to developing countries.Monaco Calls For New Ties With France (November 1, 2000)
This article from Associated Press reports on how money laundering activities have strained the relations between France and Monaco.
A City Ruled by Crime (November 2000)
This article in the ( Far Eastern Economic Review) examines how deeply corruption in today's China is threatening the fabric of the state.
Major World Banks Agree on Anti-Money Laundering (October 31, 2000)
After much criticism of the inability of banks to stop money-laundering, 11 top banks have designed a new code to crack down on money-laundering. (Business Recorder)Malawi's Limos Prompt Aid Corruption Clampdown (October 30, 2000)
Why would any government spend money (aid) meant for feeding, educating and providing health care for its impoverished, on luxury cars? (The Guardian)Havens See Benefits In Tough New Rules (October 25, 2000)
The initiatives launched by the OECD and the Financial Stability Forum of the Bank for International Settlements, have been greeted with approval as it is believed that the initiatives could help major banks attract more legitimate business. (International Herald Tribune)31 International Financial Centers Support UN in GPML Initiative (October 25, 2000)
To improve the control of money laundering activities, some international financial institutions have committed to adopting internationally acceptable financial regulation. (UNIS)Depth of Corruption Surfacing in Yugoslavia (October 22, 2000)
Officials in the new government say they suspect that billions of dollars in ill-gotten gains have been taken out of the country as evidence shows a web of illegal financial transactions. Washington Post)Taking Aim at Tax Haven: IRS Seeks Credit Slips(October 20, 2000)
An estimated $70 billion of personnal income tax revenue is lost by the IRS in the US annually, as such it has set a new target - summoning the credit card slips of suspected tax evaders.(New York Times)
“Name and Shame” Can Work for Combating Money Laundering (October 19, 2000)
A decision by financial Action Task Force to name 15 territories for refusing to cooperate with international efforts to combat money laundering, has pushed some nations into drafting or pledging legislation on money laundering prevention. (OECD Observer )
Corruption in the Philippines (October 16, 2000)
Philippine President Estrada was accused last week of receiving payments from a gambling syndicate. If he is impeached and the Vice-President takes on the presidency, the US may gain a strong foothold through "a new strategic relationship" due to the Philippines' fear of China's strength in the region. (Stratfor.com)Bribery Scandal Singes Argentine Anti-Grant Crusader (October 11, 2000)
Only 10 months in office and President de la Rua faces a crisis of confidence as a corruption fighter! (Washington Post)Extravagant Evil and the IMF (October 8, 2000)
Michela Wrong's "In the Footsteps of Mr. Kurtz" incriminates the ‘readiness’ of the IMF – under pressure from its Western shareholders – to lend money to corrupt governments, ultimately creating today’s terrible debt situation, says this book review from the New York Times.IMF, World Bank Face Tough Questions on Corruption (October 2, 2000)
The lending policies of the Bretton Woods institutions come under fire as critics assert that they gave out money to corrupt governments without sufficient monitoring, notably in the case of Russia in 1998. (Radio Free Europe/Radio Liberty)Bribes Eroding Democracy, Warns Transparency International.(October, 2000)
Payments of bribes to political parties in some of the world's most developed, democratic countries as well as in the developing and former eastern European states is undermining democratic institutions.The OECD Convention has moved a step forward in helping solve the problem.(Inter Press)Chirac is Implicated in £500,000 Bribe Scandal (September 22, 2000)
In 1996, Jean-Claude Mery, an official in the Paris administration stated – on videotape – that the former mayor of Paris, Jacques Chirac, received kickbacks on public contracts while in office. The tape was to be released after his death. One year after Mery’s death in 1999, the tape has been published, creating an uproar in France. (Independent)
Transparency International Releases the Year 2000 Corruption Perceptions Index (September 13, 2000)
The NGO Transparency International released a ‘survey of surveys’ to determine the subjective amount of corruption in 90 countries from all five continents. Nigeria and Yugoslavia top the list, while Finland and Denmark are the least corrupt.Double Dealing (August, 2000)
Offshore banking has brought prosperity to small island nations. Now the rich countries that created the system are threatening to impose sanctions if transparency is not improved. Nations like the Bahamas complain of “double standards.” (New Internationalist)Liechtenstein Found to Be Lax in Monitoring of Bank Deals (August 31, 2000)
An independent prosecutor found out that Liechtenstein’s financial businesses are part and party of international money laundering efforts. But, he cautioned, most of the ‘dirty money’ had undergone laundering in other countries before coming into the principality. (New York Times)Liechtenstein's Future As a 'Clean Tax Haven' (August 31, 2000)
This tiny nation has acquired a certain reputation as an international tax haven. In an interview with the International Herald Tribune, Prince Hans-Adam II outlines his vision of Liechtenstein as a “clean tax haven”.
India Unfazed over IMF Corruption Index Move (August 26, 2000)
The IMF wants to withhold loans to countries where corruption is rampant. This editorial from the Indian Economic Times wonders about the possible ramifications of this plan.Islanders Asked: Tax Haven or Tourist Haven? (August 24, 2000)
A recent report by the Financial Stability Forum named Mauritius as an international tax haven. The Mauritius legislative has moved to amend some of the more open holes in the nation’s tax law. (Gemini News)
Clinton To Face Pressure on Debt During Nigeria Trip (August 18, 2000)
Nigerian President Obasanjo wonders why his country should pay back debts that were incurred during the military rule that ended in 1999. Most of that money was lent frivolously and disappeared in the pockets of the junta. (Agence France Press)Six World Bank Officials Indicted In Nigeria Fraud Case (August 7, 2000)
Buying old tractors for the price of new ones, six World Bank officials are accused of favoring UK and Japanese supply companies in a Nigerian fraud case. Diplomatic immunity was the excuse for the six not appearing before a Nigerian government panel. (Pan African News Agency)Suharto Is Formally Charged With Corruption (August 4, 2000)
Yet another corrupt former-official uses ill health as an excuse in facing the music of his trial. However, with 100 witnesses, including three of his six children, will justice prevail? The former President of Indonesia allegedly funneled US$150 million through tax-free charitable foundations. The 50,000 rupiah bill that bears Suharto’s image is to be replaced. (New York Times)Russian Leader Faces £3bn Questions (July 25, 2000)
The case of the vanishing billions, $4.8 billion of an IMF loan to Russia to be exact. Russian Prime Minister, Mikhail Kasyanov, has allegedly been a key player in funneling these funds into American bank accounts after the 1998 Russian financial crisis. (Times, London)Bashar's Bluff (July 25, 2000)
Syrian President Bashar Assad picks on two Syrian ministers. They have been charged with corruption, and President Bashar has charged himself as a glorious anti-corruption economic reformer. However, economic changes will be slow coming if Syrian elites don’t heed this example and clean up their own act.(Stratfor.com)Russian Moguls Cry Uncle as Putin Puts Squeeze On (July 25, 2000)
Russian President Vladimir Putin is making his best effort to expose corrupt business leaders. “Some prominent business people, however, warn that the campaign is generating fear and uncertainty and could plunge the country into a new round of political turmoil.” (Christian Science Monitor)West's Blind Eye Opens to Third World Corruption (July 13, 2000)
Except for the notable examples of Transparency International and Global Witness, western eyes have been deflected from ongoing corruption practices in Africa and other developing countries. Fortunately, the trend is changing within Africa's civil society supported by western research initiatives. (The Guardian)The Dilemma of Russia's Anti-Corruption Campaign (July 13, 2000)
Russian President Vladimir Putin valiantly charged ahead with a program to expose corruption among top Russian corporations. Unfortunately, as the investigations widen, many of Putin's top political allies are being implicated. Will Putin surrender his cronies? (Stratfor)Disclose Extent of African Bribes by France's State Oil Company (July 12, 2000)
Global Witness calls on France and Liechtenstein to immediately investigate and disclose the extent of bribes by Elf-Aquitaine to African leaders which have been diverted to accounts in Liechtenstein. Liechtenstein was black listed by the OECD this week as a tax haven and “dirty” money center.The Lesotho Highland Water Development Project - What Went Wrong? (July 10, 2000)
Nicholas Hildyard of the Corner House examines "what went right" for corporations and the benefactors, particularly the World Bank, of the Lesotho Water Development Project. (50 Years Is Enough Network )G-7 May Sanction Israel Over Money Laundering (July 10, 2000)
Sanctions and blacklisting are among the first steps of the effort by the G-7 finance ministers to halt international money laundering and corruption. "We've named, we've shamed, and we're taking measures to fight it," said a French Finance Minister Laurent Fabius. (The Jerusalem Post)G-8 Puts Spotlight on Hidden Money Trade (July 7, 2000)
Pressures mount to reform tax havens and cleanse dirty money. Sanctions have even been suggested to whip small offshore havens into compliance. (Christian Science Monitor)Congressional Report Says Corruption Is Stifling Bosnia (July 7, 2000)
Crime and corruption are ubiquitous in Bosnia and may threaten the success of the Dayton peace accord. Under the accord, US troops cannot withdraw unless significant advances are made in curbing graft and corruption. (New York Times)Familiar Foe for Mexico's New Leader: Corruption (July 6, 2000)
Mexico's brand new president-elect Vicente Fox Quesada, has declared that fighting corruption is one of his top priorities. Yes, most Mexican leaders tout this praiseworthy notion, but none have ever proposed such an ambitious plan as President Quesada's. (New York Times)Caribbean Leaders Grapple with Threats of Sanctions for Money Laundering (July 3, 2000)
The recently released OECD report identifying 15 countries with notorious records as tax havens has sparked debate among Caribbean leaders. Many of the leaders view the release of the report as an effort by the Western industrialized countries to regain their lost taxes and not as a moral effort to crack down on tax evasion and money laundering. (Associated Press)Are Foreign Investors and Multinationals Engaging in Corrupt Practices in Transition Economies? (July 2000)
Do TNCs behave any different from domestic corporations when it comes to corruption, kickbacks and pressuring governments? This World Bank study looks at transition economies and what policymakers can do to enforce good corporate behaviour.Swiss Convict Lazarenko of Money-Laundering (June 30, 2000)
The former Ukrainian Prime Minister, Pavlov Lazarenko, has a lot to think about while staring out of his jail cell in San Francisco, about $6.6 million worth. He has been convicted of money-laundering and "confusing" the roles of his public and private offices which contributed to enormous private wealth.(Reuters)15 Countries Named as Potential Money-Laundering Havens (June 23, 2000)
An article in the New York Times details the decade long drive of wealthy industrialized nations to identify shady money havens. The Financial Action Task Force's report doesn't penalize any of the suspicious money centers but shines the spotlight on them for intense future scrutiny.G7 Agency Lists Hot Money Havens (June 22, 2000)
In a much anticipated report by Financial Action Task Force in Paris, several blacklisted banking centers were dropped from the list at the last minute. Among those let off the hook were banking centers in Jersey and Monaco.A Scandal That Could Topple Kenya's Shaky Democracy (June 17, 2000)
Nairobi has become known for endemic corruption under Daniel arap Moi. Nothing illustrates the extensive reach of corruption like the Goldenberg scandal, "the longest-running and most egregious case of massive high-level corruption in Kenya's history."(The Boston Globe)
Exporting Corruption (June 2000)
An excellent briefing paper from The Corner House which explores privatization, the role of multinationals in corruption practices and bribes from not only southern nations as might be expected, but by leading northern countries as well.Tax Havens: Releasing the Hidden Billions for Poverty Eradication (June 2000)
A detailed Oxfam report highlights the human development cost of tax havens, saying that the US$50 billion lost in tax revenue each year would go a long way towards reducing world poverty.Israel's President, Accused of Finance Misdealing, Will Resign (May 28, 2000)
In the wake of a report detailing his acceptance of $300,000 in unreported cash gifts by two businessmen a decade ago, President Ezer Weizman will resign his post. He was remarkably candid about the affair stating, "They didn't want me because of my pretty eyes. They wanted me because of what I was, and what they hoped that I would be." (New York Times)Loot Recovery in Nigeria (May 25, 2000)
According to the President of the Nigerian Democratic Movement, Mobolaji E. Aluko, as much as US$ 98.8 billion has been stashed away by Nigerian officials and cronies. Aluko boldly charges that the “debt-buy-back schemes were in fact avenues for loot acquisition” for Western Banks, implicating not only Nigerians, but Western donors as well in the multi layered corruption in Nigeria.Scandals Darken Korean Summit (May 16, 2000)
Two South Korean scandals may negatively affect the summit between North Korea and South Korea scheduled for June. Firstly, love letters from a South Korean defense minister to a US lobbyist for a Texas based US armaments firm. Additionally, there is suspected corruption among officials and national assembly members regarding the TGV railroad project linking Seoul with Pusan.(The Guardian)China's Ruling Communist Party Expels Senior Official Accused of Graft (April 20, 2000)
Following through on a campaign to root out corruption, the Communist party, in an attempt to legitimize communist rule in the eyes of the public, has turned a critical lense in on its own high-level officials. (Associated Press)Uganda Leads In Fight Against Corruption (April 15, 2000)
A UN report on global corruption noting that up to $30 billion in aid for Africa has ended up in foreign bank accounts, promotes public disclosure of financial records as a method of fighting corruption. Recent steps taken by Uganda are seen as a promising example. (New Vision - Kampala)Antigua Supports UN Initiative to Counter Money Laundering (April 15, 2000)
The Caribbean nation of Antigua and Barbuda pledges its support for a UN initiative, reached at the March conference in the Caymen Islands, to counter money laundering by increasing communication and monitoring transactions. (Associated Press)Useful Diagnosis - Wrong Therapy (April 10, 2000)
A comment by the NGO WEED on the final reports of the Financial Stability Forum (FSF) dealing with, inter alia, hedge funds and offshore centers. WEED says that the FSF was far too cautious in its prescriptions, only echoing the liberal mainstream view about the global financial architecture.The Prince and His Black Sheep: This is No Liechtenstein Fairy Tale (April 8, 2000)
Money hidden in Liechtenstein banks has been linked to the Sicilian Mafia, Latin American drug lords, Russian gangs, and most recently, the campaign donation scandal involving former German Chancellor Helmut Kohl. (New York Times)UN Says Graft Foils Eradication of Poverty (April 7, 2000)
Though a senior UN official states that corruption is the most significant hurdle to eliminating poverty in China, a recent government campaign to crackdown on smuggling and punish corrupt government officials is seen as promising. (South China Morning Post / Reuters)Offshore Financial Centers (April 5, 2000)
The powerful Financial Stability Forum considers the destabilizing effects of offshore fiancial centers. The report proposes to strengthen cross border information sharing, customer identification and record keeping, and international supervisory practices.Crime, the World's Biggest Free Enterprise (April, 2000)
This thought provoking article from Le Monde Diplomatique asks why illegal activities such as money laundering and offshore financial havens remain either "legal" or ineffectively regulated.UN Crime Prevention Office to Hold Meeting on Money Laundering (March 29, 2000)
The "UN Offshore Forum Plenary", hosted by the ODCCP, is a two-day meeting in the Cayman Islands with the objective of reaching an agreement on common action to deal with the abuse of international financial services by money launderers.(UN Newservice)US to Offer Strategy on Money Laundering (March 8, 2000)
The Treasury Department's proposal, "national money laundering strategy for 2000," will offer an array of legislative and regulatory initiatives including the designation of metropolitan areas deemed as high-risk zones for such activities.Money Laundering Prompts US Drive for a Tougher Law (March 2, 2000)
The Clinton administration plans to urge Congress to ban financial transactions between US banks or brokerage houses and off-shore financial centers. (New York Times)Israel Seen as Paradise for Money Laundering (February 21, 2000)
Money laundering is not a crime in Israel, thus far, though that may soon change. Estimates of money laundering by organized crime groups here in the last decade range from the hundreds of millions of dollars to the billions. (New York Times)Banker and Husband Tell of Money Laundering Case (February 17, 2000)
Former executive of the Bank of New York and her husband confess their involvement in a money laundering scheme involving politically connected Russian banks. (New York Times)Liechtenstein ‘a Magnet for Money Launderers’ (January 23, 2000)
A country looking like it was taken straight out of a fairy tale as the world’s ‘biggest money laundering center’? A report by the German Federal Intelligence Service portrays it as just that. (Daily Telegraph)
Back to Current Articles | 2001 | 2000 | 1999 | 1998 Russian Cons and New York Banks (December 1-7, 1999)
This Village Voice article analyzes the extent to which the major economic powers, led by the US, have failed to challenge the structures that facilitate money laundering both abroad and within their own countries.Bank of New York Ex-Employee Charged in Russia Case (December 1, 1999)
A New York Times piece on the difficulty of legally prosecuting those believed to be accountable for the New York Bank money laundering scandal.Treasury Report Faults Comptroller (November 9, 1999)
ANew York Times article on a preliminary report by the inspector general's office which criticizes the office of the comptroller of the currency for its lax policy in monitoring banks for possible money laundering.The Geography of Offshore Financial Centres and Bank Jurisdictions (1999)
Exerpt from UN Office for Drug Control and Crime Prevention report, "Financial Havens, Banking Secrecy and Money-Laundering". Reveals the extent of offshore money laundering worldwide and is accompanied by a map that outlines major financial havens.Tracking How Pair Went From Russia to Riches (October 19, 1999)
New York Times special report on the Russian couple at the focus of the Bank of New York scandal. The case raises questions about off-shore money laundering moving on-shore as a result of states' shrinking regulatory capacities.The Isle of Man as an Enclave of Intrigue (September 24, 1999)
Describes the extent to which offshore micro-states such as the Isle of Man have been a haven for money laundering and global corruption. (New York Times)Banker Outlines Money Laundering in Caymans (August 3, 1999)
New York Times article on the money laundering scandal in the Cayman Islands.Bermuda Shifts From a Fading Tourist Paradise to a Haven for Insurance (April 28, 1999)
New York Times article analysing the situation in Bermuda, which, due to few regulation laws, has become a new paradise for insurance companies over the last years.
Back to Current Articles | 2001 | 2000 | 1999 | 1998
An in depth piece from (Transparency International) on the significant role the Internet plays in facilitating tax evasion and financial crimes.Harmful Tax Competition: An Emerging Global Issue (April 9, 1998)
Globalization increasingly undermines national tax systems. This report by the Organization for Economic Co-operation and Development discusses measures to tackle offshore tax havens, through domestic legislation, tax treaties and international co-operation.
Current Articles on Money Laundering and Corruption
