Money Laundering Trail Leads down under

Adelaide Now
March 9, 2012

http://www.adelaidenow.com.au/money-laundering-trail-leads-down-under/story-e6frea6u-1226294217506

US officials have named Vatican City as a potential hub for money laundering.

AUSTRALIA has been included in a list of the world's major money laundering countries.

The list of 66 countries includes Afghanistan, Brazil, the Cayman Islands, China, Japan, Russia, Uruguay, the UK, US and Zimbabwe.

And for the first time, Vatican City has been named as a potential hub for money laundering. US officials said the Vatican was on the list because it wasn't clear if new anti-money laundering efforts were effective.

It is "potentially vulnerable" as massive amounts of money flow into the Vatican from around the world.

On the top of the pile are Argentina, and the two tiny Caribbean islands of Curacao and St Maarten.

The annual International Narcotics Control Strategy looks at national laws to fight financial crime, their enforcement and the size of the banking sector.

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The report said the top three culprits had become "major money laundering countries", or those "whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking".

"Argentine and international observers express the concern that money laundering related to narcotics trafficking, corruption, contraband, and tax evasion occurs throughout the financial system," the report said.

"It is believed most money laundering operations in Argentina are conducted through offshore centres," it said.