Our correspondent Andreas Frank points out:
In its 2014 International Narcotics Control Strategy Report, the US State Department is updating the list of major money laundering countries and jurisdictions around the world.
Major Money Laundering Countries in 2013 are:
Afghanistan, Antigua and Barbuda, Argentina, Australia, Austria, Bahamas, Belize, Bolivia, Brazil, British Virgin Islands, Burma, Cambodia, Canada, Cayman Islands, China, Colombia, Costa Rica, Curacao, Cyprus, Dominican Republic, France, Germany, Greece, Guatemala, Guernsey, Guinea-Bissau, Haiti, Hong Kong, India, Indonesia, Iran, Iraq, Isle of Man, Israel, Italy, Japan, Jersey, Kenya, Latvia, Lebanon, Liechtenstein, Luxembourg, Macau, Mexico, Netherlands, Nigeria, Pakistan, Panama, Paraguay, Philippines, Russia, Singapore, Somalia, Spain, St. Maarten, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Venezuela, and Zimbabwe.
A major money laundering country is defined by statute as one “whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking”.
However, the complex nature of money laundering transactions today makes it difficult in many cases to distinguish the proceeds of narcotics trafficking from the proceeds of other serious crime.
This year’s list of major money laundering countries recognizes this relationship by including all countries and other jurisdictions whose financial institutions and/or non-financial businesses and professions or other value transfer systems engage in transactions involving significant amounts of proceeds from all serious crime.
The report which describes the steps taken during the previous year by the governments of nearly 90 countries, to reduce illicit narcotics production, trafficking, and use, as well as money laundering and financial crimes, said that the “complex nature of money laundering transactions today makes it difficult in many cases to distinguish the proceeds of narcotics trafficking from the proceeds of other serious crime.
The United States has named several Caribbean Community (CARICOM) countries as major money laundering states whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking.
Germany:
The US State Department urged Germany again to become a party to the UN Convention against Corruption. Germany is finally ready to sign UNCAC.
On February 21, 2014 the German Bundestag 582 against 7 for German regulations to stop bribery of parliamentarian. The issue is the last major obstacle to Germany’s ratification of the United Nations Convention against Corruption (UNCAC). Germany is expected to ratify UNCAC before the summer. It has taken 11 years and three different governments to finally reach this breakthrough.
International Narcotics Control Strategy Reports:
Drug and Chemical Control
Money Laundering and Financial Crimes
Note: Banks are not the only financial institutions money laundering.