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Excerpts from the International Narcotics Control Strategy Report, March 1997: Financial Crimes and Money Laundering

NCJ Number
Transnational Organized Crime Volume: 3 Issue: 1 Dated: (Spring 1997) Pages: 87-113
Date Published
27 pages
This is an excerpt from the International Narcotics Control Strategy Report, 1996, released in March 1997.
During 1996 United States agencies began implementing the Presidential Decision Directive announced in October 1995. There was demonstrable progress by several Western Hemisphere governments on standards and objectives agreed to at the Summit of the Americas Ministerial Conference on Money Laundering in December 1995. There was continued progress by the Financial Action Task Force (FATF). and there was increased cooperation with foreign governments on major money laundering cases. However, there were negative aspects to 1996, including the further penetration of financial systems around the world by organized crime groups. In addition, new drug transit routes appeared across ever more remote countries, most of which have no or few anti-money laundering laws. Problems developed with regard to the differential between the levels of compliance with international anti-money laundering standards by Asia's rapidly expanding financial centers in non-FATF member countries, as well as in Latin America, compared to the financial centers in the United States, Canada and Western Europe; and with regard to the near-polarity of interests by banking/industrial groups and criminal money laundering groups in achieving the fastest possible system for the international transfers of payments. .CDTE: 98195