Global money-laundering attack

By PETER CAPELLA ZURICH Wednesday 1 November 2000

Eleven of the largest international banks committed themselves on Monday to a set of global guidelines to eliminate money laundering, effectively drawing up a new barrier against financial crime.

The agreement involves the private banking arms of Barclays, HSBC, ABN Amro, Banco Santander, Chase Manhattan, Citibank, Credit Suisse, Deutsche Bank, J.P. Morgan, Societe Generale and UBS. Other banks are being urged to join the guidelines, named the Wolfsberg Principles, which were drawn up with the help of Transparency International and an OECD expert.

"This should be seen as a clear recognition by the private commercial banks of their responsibility in the fight against serious international crime," said Hans-Peter Bauer, the chief risk officer of UBS.

Some banks have introduced similar internal rules in recent years, but the new guidelines adopt the highest European standards and apply them globally, including in offshore centres. However, there is no provision for sanctions or checks on enforcement. GUARDIAN

http://www.theage.com.au/bus/20001101/A18736-2000Oct31.html

-- Martin Thompson (mthom1927@aol.com), October 31, 2000