Anonymous banking
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.
On Wed, 24 Apr 1996, E. ALLEN SMITH wrote:
Speaking of the below information, what is anonymous banking like in Austria,
Not too bad, but there are crackdowns on anonymous and pseudonym accounts. MLAT's exist with the United States. Austria has been the focus of careful investigations and a lot of diplomatic pressure. EC membership will require compliance with standards for client identification. The article is somewhat in error. Anonymous accounts are no longer easy to open and generally require the voucher of a local attorney. Colombia, Do not travel to or use Colombian banks for your financial needs. Columbia is essentially lawless outside of the tourist areas and the concentration on drug investigations combined with the presence of the military for the purposes of law enforcement makes banking secrecy a near impossibility. Given a moderate budget I could have the banking information of any depositor in Columbia in short order. So could you. Venezuela, Banking secrecy is dependent on connections with local officials or 'corrupt' bankers. I don't find that Venezuela properly protects banking secrecy from a statuatory prespective. and Thailand? Better, but still subject to some criminal investigations and limited statuatory protection. In general adding a country to the money laundering offender list is a political decision and NOT demonstrative of a country's actual money laundering use. (Note that Vanuatu is not included, nor is Isle of Man). Mostly its a question of countries with corrupt officials who will look the other way, not of countries which strict banking privacy.
Austria, the only country in the EU which allows anonymous bank accounts, was adamant its current legislation did not run counter to the resolution.
This is nearly irresponsible reporting. --- My preferred and soon to be permanent e-mail address:unicorn@schloss.li "In fact, had Bancroft not existed, potestas scientiae in usu est Franklin might have had to invent him." in nihilum nil posse reverti 00B9289C28DC0E55 E16D5378B81E1C96 - Finger for Current Key Information Opp. Counsel: For all your expert testimony needs: jimbell@pacifier.com
participants (2)
-
Black Unicorn -
E. ALLEN SMITH