CONTENTS
Economic Perspectives
An Electronic Journal of the U.S. Department of State, Vol. 6, No. 2, May 2001
Focus
Commentary
Facts and Figures
Information Resources
THE FIGHT AGAINST MONEY LAUNDERING
THE CONSEQUENCES OF MONEY LAUNDERING AND FINANCIAL CRIME
By John McDowell, Senior Policy Adviser, and Gary Novis, Program Analyst, Bureau of International Narcotics and Law Enforcement Affairs, U.S. Department of State
Money laundering distorts business decisions, increases the risk of bank failures, and takes control of economic policy away from the government. International cooperation is necessary to keep money launderers in check.
INTERNATIONAL STANDARDS AND COOPERATION IN THE FIGHT AGAINST MONEY LAUNDERING
By Joseph Myers, Acting Deputy Assistant Secretary, Enforcement Policy, U.S. Department of the Treasury
Member countries of the Financial Action Task Force and similar regional groups have achieved good international cooperation, but they need to do much more.
MONEY LAUNDERING ENFORCEMENT: FOLLOWING THE MONEY
By Lester M. Joseph, Assistant Chief, Asset Forfeiture and Money Laundering Section, U.S. Department of Justice
Just as often as U.S. law enforcement agencies succeed in frustrating money laundering schemes, they are frustrated by the complexities of foreign jurisdictions and outright lack of foreign cooperation.
ACHIEVING A SUSTAINED RESPONSE TO MONEY LAUNDERING
By Steven L. Peterson, Acting Office Director, Crime Programs, Bureau of International Narcotics and Law Enforcement, U.S. Department of State
To attack money laundering a national government needs to have legal, financial, and law enforcement infrastructure in place. Several U.S. government agencies provide training to foreign governments for building this infrastructure.
UNDERSTANDING THE WASH CYCLE
By Paul Bauer, Economic Adviser, and Rhoda Ullmann, Research Assistant, Federal Reserve Bank of Cleveland
Laundering entails three basic steps to blend dirty money in with trillions of dollars exchanged in legitimate business activity. A number of U.S. laws require banks and bank regulators to interrupt these schemes.
U.S. BANKING: AN INDUSTRY'S VIEW ON MONEY LAUNDERING
By Anne T. Vitale, Esq.
U.S. banks conduct vigorous programs to prevent money-laundering abuse of their business. Most important for the success of such programs is the demonstration of commitment from senior management.
CORRESPONDENT BANKING: A GATEWAY FOR MONEY LAUNDERING
By Linda Gustitus, Elise Bean, and Robert Roach, Democratic Staff, Permanent Subcommittee on Investigations, Committee on Governmental Affairs, U.S. Senate
By allowing high-risk foreign banks and their criminal clients access to correspondent bank accounts, U.S. banks are facilitating crime and undermining the U.S. financial system.
THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING
MONEY LAUNDERING COMPARATIVE TABLE OF COUNTRIES/JURISDICTIONS OF CONCERN
KEY CONTACTS AND INTERNET SITES
ADDITIONAL READINGS ON MONEY LAUNDERING
Economic Perspectives
An Electronic Journal of the U.S. Department of State
Volume 6, Number 2, May 2001
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Editor, Economic Perspectives
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U.S. Department of State
301 4th Street, S.W.
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E-mail:
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Publisher |
Judith Siegel |
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Editor |
Jonathan Schaffer |
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Managing Editors |
Bruce Odessey |
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Gretchen Christison |
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Associate Editors |
Wayne Hall |
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Kathleen Hug |
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Contributing Editors |
Eileen Deegan |
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Martin Manning |
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Art Director |
Sylvia Scott |
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Editorial Board |
Howard Cincotta |
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Judith Siegel |
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Leonardo Williams |