Archive for April, 2011

More Money Laundering reported in Sweden

Saturday, April 30th, 2011

In accordance with police statistics, a 30% increase in the number of cases of money laundering was reported in Sweden for 2010. Such result is the reason to establish a new agency with a view to combat money laundering in this country.

The figures that were released by the financial crimes police (Finanspolisen) reveal that the number of reported money laundering cases in Sweden increased by 3 000 to a total of 12 000 reported cases in 2010.

Sweden has been criticised for not doing enough to fight the problem. Now, the Swedish National Council for Crime Prevention considers the possibility to set up a national financial intelligence centre to be shared by Swedish Police, Customs, Tax agency and Economic Crime Authority. Daniel Vesterhav, researcher at the crime prevention council, said that this way it would be possible to free up resources, make use of each of the authorities’ expertise and increase the quality of operative intelligence.

According to the report, out of the 14,500 companies in Sweden obliged to report possible money laundering crimes within their own organisation, 90% of reports come from banks, foreign exchange companies and other money handling businesses.

It should be noted that no single tax adviser out of Sweden’s 159 obliged to report potential money laundering crimes to police filed any report in 2010.

Mexico approves AML law

Friday, April 29th, 2011

On April 28, Mexico’s Senate approved an anti-money laundering law that targets the financial structures of the drug cartels becoming increasingly powerful in the country.

According to the new legislation, the Attorney General’s Office is required to establish an investigations unit. The new unit will target money laundering and require that financial institutions develop better identification and monitoring of their clients’ activities.

The law provides that cash transactions in buying real estate, vehicles, boats, airplanes, jewelry and stocks with a value of more than 200,000 pesos (USD 7 300) are forbidden.

According to a press release issued by the Senate, USD 25 billion dollars are estimated to be laundered in Mexico every year.

Thailand’s Anti-Money Laundering Office to prevent money laundering through insurance

Tuesday, April 26th, 2011

Thailand’s Anti-Money Laundering Office (AMLO) and Office of Insurance Commission (OIC) have joined with a view to control insurance businesses in Thailand. This move was announced following some drug dealers found to have bought policies for already deceased persons for drug money laundering purposes.

The acting secretary-general of AMLO, Seehanat Prayoonrat, and OIC secretary-general, Jantra Buranareuk,  signed a Memorandum of Understanding. This document is aimed at strictly supervising insurance firms and prevent criminals from using them as channels for money laundering or terrorist financing.

According to AMLO secretary-general Seehanat, the collaboration would be helpful for anti-money laundering work as insurance companies are obliged to report operating results to the OIC every 30 days.