THE MONEY LAUNDERING REGULATIONS 1993: THEIR IMPLEMENTATION AND IMPLICATIONS FOR SECURITIES HOUSES
| Pages | 227-233 |
| Published date | 01 March 1994 |
| Date | 01 March 1994 |
| DOI | https://doi.org/10.1108/eb024811 |
| Author | GARY HAGLAND |
| Subject Matter | Accounting & finance |
THE MONEY LAUNDERING REGULATIONS
1993:
THEIR
IMPLEMENTATION AND IMPLICATIONS
FOR
SECURITIES
HOUSES
Received:
5th
May,
1994
GARY
HAGLAND
GARY
HAGLAND
MIOD
MIMGT AMSI
ENTERED THE THEN FLEDGLING AREA OK
COMPLIANCE
IN
1985 AFTER LEAVING
THE
ROYAL HONG KONG POLICE FORCE WHERE
HE
HAD SERVED
IN
CRIMINAL INTELLIGENCE
FOR
SOME SIX YEARS, MONITORING CHINESE
ORGANISED CRIME ACTIVITIES AND
ASSOCIATED MONEY-LAUNDERING
TECHNIQUES. HE JOINED THE STOCK
EXCHANGE SURVEILLANCE DIVISION
INVESTIGATING INSIDER DEALING AND
ASSISTED
IN
THE DEVELOPMENT OF THEIR
INTELLIGENCE DATABASE.
IN
1987 HE JOINED
MERRILL LYNCH EUROPE/MIDDLE EAST AS
THEIR OPERATIONS CONTROLLER, BEFORE
WORKING WITH ALLIED PROVINCIAL
SECURITIES WHERE HE SERVED AS THEIR
DEPUTY CROUP COMPLIANCE OFFICER
FOR
FOUR YEARS UNTIL JOINING ALBERT E. SHARP
&
CO IN
SEPTEMBER 1991 AS THEIR ASSOCIATE
DIRECTOR OK COMPLIANCE. MR HAGLAND
IS A
MEMBER OK THE UNITED KINGDOM
ASSOCIATION OK COMPLIANCE OFFICERS,
THE
BRITISH INSTITUTE OF MANAGEMENT AND IS
AN ASSOCIATE MEMBER OF THE SECURITIES
INSTITUTE.
HE
HAS RECENTLY CONCLUDED
A
DIPLOMA COURSE
IN
COMPLIANCE STUDIES
WITH EXETER UNIVERSITY (THE FIRST
POSTGRADUATE QUALIFICATION
OF
ITS KIND
IN THE COUNTRY AND UNIQUE
TO
BOTH
THE
FINANCIAL SERVICES INDUSTRY AND
THE
EVOLVING COMPLIANCE PROFESSION), AND
IS
CURRENTLY STUDYING
FOR AN
MBA.
ABSTRACT
The international banking and financial
system
is finding
itself in
the front line of
the
war
being waged internationally
against the
money
launderers.
Traditional
concepts
of
banking
secrecy
are
being
undermined
as
governments struggle
to
preserve the integrity
of
the
banking
system.
The war
is
on
a
vast
scale.
The
Finan-
cial Action
Task
Force (created
in
1989
by
the seven major industrial nations
and
the
President
of the
European Commission)
estimated
that the amount of
money
being
laundered through the financial system
was US$85bn per
year.
The extent
of
the
problem
was
recognised
in the
Inter-
national Narcotics Control Strategy Report
for
1993
which
found that eight
of
the
world's major money laundering states are
located
in
Europe.
Europe has responded to
the growing
crisis
in
the
financial
sector
with
the
Money Laundering Directive
which
was due to
be
fully
implemented
across
the
Community
by 1st
January,
1993.
The
Directive which applies to credit
institutions
and
financial institutions,
including community based
branches
of
non-Community institutions, reflects
a
number
of key
international initiatives
and
attempts
to
harmonise
the
anti-money
laundering legislation
of the
member
states,
though
with varied success.
227
To continue reading
Request your trial