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Press Release
For Immediate release
August 2005
Contacts:
Barbara Schpilberg (conference inquiries)
Alejandra Slatapolsky (press)
editor@moneylaundering.com
Telephone: 305-530-0500 or 800-232-3652
www.moneylaundering.com
www.lavadodinero.com
Arab Bank pays US$24 million: the latest money laundering scandals will be dissected
in the 2 nd Annual European Money Laundering Conference
The New York branch of Arab Bank will pay a $24 million civil money penalty, the
second highest Bank Secrecy Act penalty assessed to date, for failing to implement
adequate money laundering and terrorist financing controls in relation to its funds
clearing operations. This case and several others will be dissected in Money Laundering
Alert’s Second Annual European Money Laundering Conference.
Experts at the conference will provide the inside story on the $24 million penalty
suffered by Arab Bank in the United States and how non-U.S. institutions can avoid
them.
This case follows the US$ 25 million that Riggs Bank, later acquired by PNC, had
to pay last year for not complying with money laundering regulations. These cases
show how governmental agencies around the world continue to prioritize money laundering
regulations in their agendas and heavily penalize for the lack of compliance with
them.
Money Laundering Alert and Moneylaundering.com, which annually sponsor the world’s
largest and most renowned money laundering conference in South Florida, are bringing
their renowned conference format and expertise to Barcelona for the Second Annual
European Money Laundering Conference, from 28 September to 30.
Money laundering cases in Europe multiplied
Dave Zollinger, head of the money laundering and legal assistance department of
the Canton of Zurich, will be speaking at the conference. Recently he has been involved
with the investigation of one of Germany’s largest banks, Commerzbank.
In late July, the Frankfurt public prosecutors searched Commerzbank premises in
connection with a several-year-old case and the suspected money laundering activities
of five current and former bank employees. Zollinger, who is assisting Germany in
the investigation, will be explaining how he deals with these cases and others during
the conference.
In addition, the conference will spotlight 25 other international experts on 14
panels, which will focus on hot money laundering and terrorist financing topics
including Spain’s recent crackdown on money laundering; the new EU Money Laundering
Directive and how it changes the duties of European financial institutions; how
the EU is counteracting the aggressive “extraterritorial” reach of the
U.S. laws; and how offshore secrecy havens serve to launder money.
People from over 30 countries will gather in Barcelona for this three-day conference
that covers the latest money laundering and terrorist financing developments in
Europe and the Middle East.
Focus on corruption, new EU laundering directive
The new EU Money Laundering Directive will receive special attention at this year’s
conference. Among its new provisions and obligations, it requires financial institutions
to perform special due diligence on “politically exposed persons” (PEPs),
including those in the EU. Experts who helped draft the directive will tell financial
institutions, businesses and professionals how best to comply.
Registration information and full details on the conference, including program and
speakers, are found at moneylaunderingconference.com or www.moneylaundering.com/conferences/europe05/default.aspx.
Simultaneous translation provided
The conference will provide free simultaneous English-to-Spanish translation at
all sessions.
Press credentials
Accredited members of the press may obtain press credentials to cover the conference
by contacting Alejandra Slatapolsky by telephone or email, as indicated above.
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