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By Paul Lashmar |
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September 30, 2001 |
THE
SUN GOES DOWN IN TAX-FREE PARADISE; A CLAMPDOWN ON MONEY LAUNDERING
MAY FORCE SOME HAVENS OUT OF BUSINESS, WRITE PAUL LASHMAR AND
HEATHER TOMLINSON. BUT WILL IT HURT THE TERRORISTS? |
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Intro: |
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For terrorists, the dictum "money makes
the world go round" is true. Illegal organisations need to be able
to get money to their agents in different corners of the globe to
pay for arms. But for outlawed groups, simply transferring cash from
one bank account to another is not enough to avoid detection by the
police or intelligence agencies. A variety of money-laundering scams
are used to keep the links between the networks untraceable. |
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Excerpt: |
Other regions remain
attractive to the underworld. "The nature of money laundering
involves moving money around between sham companies in various
jurisdictions in order to disguise its origin," says
David Marchant, publisher of the
Miami-based Offshore Alert
newsletter. "If I wanted to launder money, the three domiciles that
I would consider using are Panama, Nevis and Grenada.
"Panama is extremely corrupt, does not enforce its financial laws
and has a legal system that is essentially worthless. 'Justice' is
bought, not dispensed," he adds. "Nevis, meanwhile, does not even
have a regulator, and one of its offshore companies was headed by a
man with an outstanding arrest warrant against him in South Africa,
while Grenada welcomed crooks with open arms after passing its
Offshore Banking Act in 1996." |
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