ACCESSION NUMBER:00000

FILE ID:95120408.LAR

DATE:12/04/95

TITLE:04-12-95  HIGHLIGHTS OF THE 34-NATION COMMUNIQUE ON MONEY LAUNDERING



TEXT:

TR95120408 (U.S. Treasury Dept. press release) lf (290)





WASHINGTON -- Representatives of the 34 democratic nations of the

Western Hemisphere endorsed a communique pledging their governments to

take "all necessary measures" to combat money laundering on a

hemispheric level.



The communique was issued Dec. 2 at the end of a two-day Ministerial

Conference on Money Laundering in Buenos Aires, which was a follow-up

to last year's Summit of the Americas.



Following is a U.S. Treasury Department press release outlining the

highlights of the communique:





Highlights of the Summit of the Americas Ministerial Communique

Ministerial Conference Concerning the Laundering of Proceeds and

Instrumentalities of Crime

December 2, 1995

Buenos Aires, Argentina





The Communique was endorsed by ministers from 34 countries in the

hemisphere. The ministers agreed to take "all necessary measures" to

combat money laundering on a hemispheric level.



The nations endorsing the communique have agreed:



-- To criminalize the laundering of proceeds of serious crimes. Such

legislation should make possible the identification, seizure, and

forfeiture of the proceeds of such crimes.



-- To enact measures for the recording and/or reporting of large

currency transactions.



-- To exchange evidence and information among countries of the

hemisphere, and to break down barriers which impede the exchange of

such information.



-- To expand the tools available to law enforcement personnel to fight

money laundering, including the creation of financial intelligence

units -- similar to the U.S. Financial Crimes Enforcement Network

(FinCEN) -- that support the identification and prosecution of money

laundering and financial crimes.



-- To modify laws and regulations to deny criminals unfettered access

to financial institutions.

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