Fuelled by the proceeds of drug trafficking, organized criminal networks are rapidly spreading to Europe and other developing countries where they are imbedding themselves into the economic fabric through money laundering, underground banking and other fraudulent practices. It is essential that this unwelcome development is controlled quickly. Controlling economic crime not only promotes the growth of healthy economies but also restricts the spread of other criminal activities. This text, written at the behest of the British Foreign Office, presents international best practice in the control of economic crime. It will be an invaluable resource both for institutions in Eastern Europe and the developing world and for any international corporation, bank, international government agency, or professional firm dealing in these areas. This definitive book is equally relevant in the developed world where a plethora of legislation and archaic practice is currently being rationalised under the auspices of the G7 nations, and where compliance with new legislation will soon be mandatory.
For example recent legislation has made it a criminal offence for financial institutions operating in the EC not to report suspected money laundering transactions.