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October 24, 2000
World Banks OK Money - Laundering Code
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By THE ASSOCIATED PRESS
Filed at 3:26 a.m. ET
ZURICH, Switzerland (AP) -- Key U.S., Swiss and other major banks have drawn up new guidelines to strengthen the global battle against money laundering, a spokesman for Switzerland's largest bank said.
The guidelines, which will be disclosed next week in Zurich, aim to strengthen barriers against money from corrupt national leaders and organized crime, UBS bank spokesman Michael Willi said Monday.
A key feature is that the big banks pledge in the code to prevent their ``offshore'' subsidiaries from skirting tough regulations in a bid to gain competitive advantage.
The guidelines are meant to be tougher than those already implemented by a 26-nation alliance, the Paris-based Financial Action Task Force, and aim to ensure ``a global standard of due diligence'' against deposits of dirty money.
The banks involved are UBS and the other big Swiss bank, Credit Suisse; ABN Amro of the Netherlands; Banco Santander of Spain; Citibank, Chase Manhattan and its merger partner J.P. Morgan of the United States; Barclays Bank of Britain; HSBC of Hong Kong; Deutsche Bank of Germany and its New York-based Bankers Trust; and Societe Generale of France.
Swiss banks have been working to tighten regulations against money laundering since the 1980s when they were embarrassed that former Philippine President Ferdinand Marcos had deposited millions of dollars in banks here.
Switzerland's bank regulator recently rebuked six institutions for failing to take sufficient care in accepting millions of dollars linked to the late Nigerian dictator Gen. Sani Abacha.
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