DATE=7/1/98
TYPE=CORRESPONDENT REPORT
NUMBER=2-234870
TITLE=MONEY LAUNDERING (L ONLY)
BYLINE=GEORGE MEEK
DATELINE=RIO DE JANEIRO
CONTENT=
VOICED AT: *

INTRO: AN INTERNATIONAL COALITION TO COMBAT CONCEALMENT OF 
PROFITS  FROM DRUG TRAFFICKING -- THE EGMONT GROUP -- HAS ENDED 
TWO DAYS OF TALKS IN BUENOS AIRES (ARGENTINA) WITH A CALL FOR 
ESTABLISHMENT OF FINANCIAL INTELLIGENCE UNITS IN MORE COUNTRIES. 
WE HAVE DETAILS FROM V-O-A'S CORRESPONDENT GEORGE MEEK IN OUR 
SOUTH AMERICA BUREAU.

TEXT:   THE EGMONT GROUP CELEBRATED THE RECENT ESTABLISHMENT OF 
FINANCIAL INTELLIGENCE UNITS IN PARAGUAY, TURKEY, CYPRUS, AND 
TAIWAN.  THE GROUP SAYS THERE ARE NOW 38 OF THESE UNITS, AND MORE
ARE NEEDED.   SPAIN WILL HEAD A WORKING GROUP TO TRY TO ESTABLISH
THEM. THE FINANCIAL INTELLIGENCE UNITS, LIKE THE U-S FINANCIAL 
CRIMES ENFORCEMENT NETWORK, GATHER INFORMATION ON SUSPICIOUS 
MONEY TRANSFERS AND PASS IT ON TO AUTHORITIES FOR INVESTIGATION 
AND PROSECUTION IF APPROPRIATE. 

THE EGMONT GROUP WOULD LIKE TO SEE MORE SHARING OF INFORMATION 
AMONG THE UNITS.  ARGENTINA, THE HOST FOR THE EGMONT GROUP 
MEETING, DOES NOT YET HAVE A FINANCIAL INTELLIGENCE UNIT. THE 
GOVERNMENT IS PROPOSING LEGISLATION TO ESTABLISH ONE, WHICH WOULD
REQUIRE COURT AUTHORITY TO ACT.
 
ARGENTINE BANKERS CRITICIZE THE PROPOSAL, SAYING IT WOULD GIVE 
TOO MUCH SNOOPING POWER TO THE INTELLIGENCE UNIT. THE EGMONT 
GROUP -- NAMED AFTER THE CHATEAU IN BELGIUM WHERE IT STARTED -- 
WAS HOLDING ITS SIXTH ANNUAL MEETING IN BUENOS AIRES. IT WAS THE 
GROUP'S FIRST MEETING IN LATIN AMERICA. 
 
IN OCTOBER BUENOS AIRES WILL HOST THE ANNUAL MEETING OF THE 
WORKING GROUP ON MONEY-LAUNDERING OF THE INTER-AMERICAN 
COMMISSION AGAINST DRUG ABUSE, AN AGENCY OF THE ORGANIZATION OF 
AMERICAN STATES.(SIGNED)



NEB/GM/PT

01-Jul-98 5:08 PM EDT (2108 UTC)
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Source: Voice of America
.