From: "E. ALLEN SMITH" <EALLENSMITH@ocelot.Rutgers.EDU>
Date: Wed, 24 Apr 1996 14:38:16 -0700 (PDT)
To: cypherpunks@toad.com
Subject: Anonymous banking
Message-ID: <01I3X9YJ35NE8Y50LP@mbcl.rutgers.edu>
MIME-Version: 1.0
Content-Type: text/plain


	Speaking of the below information, what is anonymous banking like in
Austria, Colombia, Venezuela, and Thailand?
	-Allen

>Copyright 1996 Nando.net
>Copyright 1996 Reuter Information Service

>VIENNA (Apr 24, 1996 11:18 a.m. EDT) - The United Nations, fighting a
>rearguard action against illegal drugs and money laundering, on Wednesday
>turned its fire on sloppy banking laws and called on all states to ban
a>nonymous accounts.

[...]

>Experts say anonymous bank accounts are a safe haven for drugs money and
>are an ideal vehicle for laundering cash.

>They say the drugs trade must be attacked at its roots by cracking down on
>transfers of narcotics-based "dirty money."

[...]

>Drug barons use a number of ruses including anonymous bank accounts and
>specially set up front businesses, such as restaurants, to channel large
>sums of money and obscure its origins. The money comes out "clean," or
>laundered.

>Helmut Butke, who chaired the meeting of the 53-member Commission of
>Narcotic Drugs, said the United States was the main sponsor of the
>resolution which seeks to streamline and increase international cooperation
>against money laundering.

>The draft resolution, which was shown to Reuters, "urges states to prohibit
>banks and other financial institutions from offering accounts identified
>only by a number, anonymous accounts or accounts in obviously false names."

>It also urges states "to take all reasonable measures to ensure that such
>institutions are informed of the identities of beneficial customers in all
>transactions."

[...]

>Austria, the only country in the EU which allows anonymous bank accounts,
>was adamant its current legislation did not run counter to the resolution.

[...]

>The Vienna government is clinging on to its banking system, saying the
>accounts were useless for money laundering as they do not extend to
>deposits over 200,000 schillings ($19,000).

>But Washington last year ranked Austria alongside Colombia, Venezuela and
>Thailand in a league table of nations that tolerate money laundering.