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Press Release
For Immediate release
January 7, 2005
Contact: Danielle Scott
Editor, Money Laundering Alert
305-530-0500
www.moneylaundering.com
www.lavadodinero.com
New U.S. Intel law packs laundering, terrorist financing punch
9/11 Commission Staff authors report on possible implications
In the January 2005 issue of Money Laundering Alert, two of the authors of the 9/11
Commission Staff Monograph on Terrorist Financing, John Roth and Douglas Greenburg,
give an exclusive report on the new U.S. Intelligence Reform and Terrorism Prevention
Act of 2004, signed into law on December 17.
The new law contains several anti-terrorist financing and money laundering provisions,
at least one of which – the reporting of cross-border fund transfers –
could have a significant impact on U.S. financial institutions.
Also in MLA’s January 2005 issue…
Are banks pushing MSBs to Death Row?
Money services businesses (MSBs), which include money transmitters, currency dealers
and check cashers, now face annihilation at the hands of U.S. banks. As banks refuse
accounts from more and more businesses in the increasingly profitable MSB industry,
the question arises: Are banks driving the MSBs out of business so they can take
over the industry?
U.S. high court to rule if ‘overt’ act is vital to laundering plot
Rarely does the U.S. Supreme Court weigh in on money laundering issues. Soon, however,
the justices will rule on a single, critical element of the money laundering conspiracy
statute: the ‘overt’ act. The decision could affect a large number of
cases – in 2002 alone, money laundering constituted the most serious charge
against more than 1,300 federal criminal defendants – and may impede the U.S.
government’s ability to prosecute money laundering conspiracies.
Middle East- North Africa region launches first anti-terrorist financing body
Muhammad Baasiri, the first president of the new Middle East-North Africa terrorist
financing task force, called MENAFATF, speaks out about the challenges of bringing
the group’s 14 member countries – which include Saudi Arabia, Jordan,
Kuwait, Lebanon, Syria and United Arab Emirates – in compliance with international
anti-money laundering and terrorist financing standards.
About Money Laundering Alert:
Since 1989, Money Laundering Alert has been published by Miami, Florida-based Alert
Global Media, the leading independent authority providing news, guidance and analysis
on money laundering issues.
Money Laundering Alert is a monthly newsletter covering money laundering and terrorist
financing legislative, regulatory and enforcement developments around the world.
The publication provides practical compliance guidance and analysis of laws and
regulations, and is used as an anti-money laundering (AML) training tool by members
of affected industries such as financial institutions, broker-dealers, money services
businesses, securities, lawyers, real estate brokers, accountants, law enforcement,
and government regulatory and intelligence agencies.
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