Speaking of the below information, what is anonymous banking like in Austria, Colombia, Venezuela, and Thailand? -Allen
Copyright 1996 Nando.net Copyright 1996 Reuter Information Service
VIENNA (Apr 24, 1996 11:18 a.m. EDT) - The United Nations, fighting a rearguard action against illegal drugs and money laundering, on Wednesday turned its fire on sloppy banking laws and called on all states to ban a>nonymous accounts.
[...]
Experts say anonymous bank accounts are a safe haven for drugs money and are an ideal vehicle for laundering cash.
They say the drugs trade must be attacked at its roots by cracking down on transfers of narcotics-based "dirty money."
[...]
Drug barons use a number of ruses including anonymous bank accounts and specially set up front businesses, such as restaurants, to channel large sums of money and obscure its origins. The money comes out "clean," or laundered.
Helmut Butke, who chaired the meeting of the 53-member Commission of Narcotic Drugs, said the United States was the main sponsor of the resolution which seeks to streamline and increase international cooperation against money laundering.
The draft resolution, which was shown to Reuters, "urges states to prohibit banks and other financial institutions from offering accounts identified only by a number, anonymous accounts or accounts in obviously false names."
It also urges states "to take all reasonable measures to ensure that such institutions are informed of the identities of beneficial customers in all transactions."
[...]
Austria, the only country in the EU which allows anonymous bank accounts, was adamant its current legislation did not run counter to the resolution.
[...]
The Vienna government is clinging on to its banking system, saying the accounts were useless for money laundering as they do not extend to deposits over 200,000 schillings ($19,000).
But Washington last year ranked Austria alongside Colombia, Venezuela and Thailand in a league table of nations that tolerate money laundering.