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Section 2: Money Laundering Trends in the European UnionСодержание книги
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This section summarises the money laundering trends analysed in the European Union countries from a research carried out recently by TRANSCRIME for the European Union. Three main trends are outlined referring to methods, instruments and mechanisms for money laundering. Text 1 The money launderer changes the illicit proceeds from one form to another, often in rapid succession. The trend is towards acquiring tangible assets (such as cars, boats, aircraft, luxury items, real estate, and precious metals) with the bulk cash originating directly from criminal activity. Often, but not necessarily linked with offshore centres, the mechanism of shell or front companies has been detected. These are entities that generally exist only on paper. These legal entities are usually conducted specifically in order to carry out a wide range of criminal businesses such as financial fraud, especially in the United Kingdom, and fraud against the European Union, especially in the Netherlands, Belgium and Italy. They do not participate in actual commerce and are run by straw men, as often found in Italy. Their purpose is quite exclusively criminal and they often face a «law enforcement risk» from investigations about the real nature of their existence. This is the reason why they are closed down almost as soon as they are formed and often the accountancy books are physically eliminated in order to conceal any trace that could help future or further investigations. Money launderers are ever more oriented towards the use of non-bank financial institutions which are still not completely or properly regulated in some European Union member states. As they do not always come under the same obligation as the financial sector, because they are not allowed to undertake banking activities to earn interest, they are used especially at the placement stage for entering the cash into the financial market. There is evidence, especially in the Netherlands, Italy and Belgium, of criminal groups moving from major commercial banks to those called second line banks and often operating accounts in the name of offshore companies. These include a wide variety of bureaux de change, cheque cashing services, insurers, brokers, importers, exporters and other trading companies, gold and precious metal dealers, express delivery services and other money movers. Casinos or gambling houses are used at the placement stage. Enquiries into stockbroking markets in Austria, Finland and the United Kingdom have, however, revealed that much illicitly gained money is laundered in this circuit. A special mention has to be made of insurance companies which are increasingly popular laundering mechanisms, as in Germany, especially in the premium insurance bond sector.
§ Vocabulary notes
§ Words and Grammar
a Mark (with a tick) the meaning in which the following words are used in the text:
b Choose the synonyms from the box:
с Choose the antonyms from the box:
licit ... illicit............................... legal............................................... rapid........................................ complete........................................ actual..................................... proper...........................................
d Write down the word families of the following words:
e Write out the English equivalents from the text:
криминальная деятельность.......................................................................................................................... оффшорные центры........................................................................................................................................ головные фирмы.............................................................................................................................................. фактическая торговля..................................................................................................................................... бухгалтерские книги....................................................................................................................................... небанковские финансовые учреждения......................................................................................................... особо следует отметить....................................................................................................................................
f Write down what parts of sentence the ing-forms are and translate the following into Russian:
money laundering trends.. (attr.) – тенденции в отмывании денег ............................................................... three main trends are outlined referring to these methods and instruments........................................................ the trend is towards acquiring tangible assets...................................................................................................... they are criminal groups moving to banks called second line banks and often operating accounts in the name of offshore companies............................................................................................................................................... insurance companies are increasingly popular laundering mechanisms.............................................................
§ Suggested activities
g Write down a few sentences on each of the following, basing on the text:
Text 2 The use of more sophisticated money laundering methods has also gone beyond wire transfers to include a seemingly endless variety of licit and illicit financial instruments. The possibility for criminal organisations to launder their proceeds through banking financial institutions exists without the knowledge of the illicit source by the financial or commercial operator or because of a more or less explicit complicity, if not even through a corrupted or criminally controlled institution. Individually or in concert, employees of financial or business institutions are in fact facilitating money laundering operations by willingly accepting large cash deposits, by failing to report transactions which exceed the threshold required by the law or by filing false reporting documents. This situation occurs for example in mature financial systems which are particularly exposed to organised crime, as Italy certainly is. There is, however, emerging concern about new banking practices within the European Union, such as direct access banking (favoured customers are given the bank's software and allowed to process transactions directly through their accounts) or suspense accounts (of banks with other banks). Pass-through banking by itself is posing a myriad of problems for regulators, by creating accounts within accounts, even banks within banks. These new bank services limit the utility of identification systems. Representative offices – an office representing a foreign bank that does not have a branch in a specific country constitute another privileged target used by money launderers. Normal financial regulations do not always apply to them because a representative office is not an official banking institution, while the office accepts deposits and transfers the funds into its own account without disclosing the identities of the owners of the deposits.
§ Vocabulary notes
§ Words and Grammar
a Write down the verbs from which the following nouns are formed: transfer – to transfer facilities.................................. exposure................................................. failure..................................... favour..................................................... file.......................................... disclosure............................................... maturity.................................. wire........................................................
b Write down the nouns formed from the following verbs: to know – knowledge to use....................................... to organize............................................. to vary..................................... to control................................................ to finance................................. to cash.....................................................
с Write down the English equivalents, using the text:
более изощренные методы................................................................................... бесконечное разнообразие................................................................................... более или менее явное соучастие........................................................................ коррумпированная организация.......................................................................... фальшивые документы по отчетности............................................................... развитая финансовая система.............................................................................. вновь появившееся беспокойство....................................................................... огромное количество проблем............................................................................
d Write down as many nouns as possible with the following adjectives and verbs: sophysticated equipment,.. .mashine, products, system............... criminal groups............................................................................ financial institution..................................................................... to report transactions................................................................... to pose a problem........................................................................ to consitute a target..................................................................... to transfer funds........................................................................... to disclose the names...................................................................
e Write down a few sentences of your own with the following word combinations:
f Insert the correct prepositions and make sentences, based on the text:
to launder proceeds...... .through......banking financial institutions to be exposed.........difficulties because.........a more or less explicit complicity individually or.........concert to exceed the threshold required…the law to transfer funds.........one's own account the identities.........the owners.........the deposits these regulations do not apply.........such offices
g Underline the ing-forms and translate the sentences into Russian:
1 They facilitate money laundering operations by willingly accepting large cash deposits. Прием значительных депозитов наличными позволяет им упростить операции, связанные с отмыванием денег........................................................................................................................................................................ 2 Pass-through banking by itself is posing a myriad of problems for regulators by creating accounts within accounts.................................................................................................................................................................... 3 They transfer funds into their own account without disclosing the identities of the owners of the deposits......................................................................................................................................................................
§ Suggested activities h Write down a title of this text and say why you like it. i Sum up what the text says about:
• direct access banking • suspense accounts • pass-through banking • representative offices of banks • money laundering through banking financial institutions in general Text3 A random reading of cases in the country analysis reveals that a new category of professional money laundering specialists is emerging. These professionals have been emerging in Belgium, the Netherlands and Portugal as white collar criminals acting as financial advisers both as individuals or as organisations like firms. In the United Kingdom they emerged mainly as solicitors. In Italy they are often members of the criminal organisation or very close to it, as a branch of the same, providing specific laundering services. They sell high quality services, contacts, experience and knowledge of money movements, supported by the latest electronic technology, especially in international financial centres such as Germany or the United Kingdom, to any trafficker or other criminal willing to pay their fees. In addition to buying into established companies, or creating shell corporations in out-of-the-way venues, and buying and trading commodities, purchasing equipment, and the like, the more sophisticated money managers put the traffickers' proceeds into a wide range of financial instruments. The possibilities offered by important international financial and stock exchange centres in the European Union comprise an endless variety of possibilities of diversification. They often manage funds for third parties beyond contracts such as fiduciary contracts, financial management, foundations, third party accounts and new typologies of contracts such as trust companies. Professionals number criminal organisations among their many clients, and make available to them the same mechanisms used by other clients to smuggle gold or to hide profits and shelter proceeds from the tax collector. In a variation on this procedure, some money brokers are buying cash in bulk, at a discount rate. The criminal organisations get their proceeds back from the point-of-sale countries without making the moves themselves. These professionals once acted as brokers, charging a commission for handling cash and other transactions; today, they increasingly buy the entire proceeds at a discount and control its disposition, reaping profits by investing in legal businesses. Organised crime is changing parallel to the way in which the laundering methods for proceeds of crimes are changing. These changes are effects of many factors, including also the policies enacted for combating organised crime. In just a few years an international anti-money laundering regime has been built upwind inside it a European network, composed of institutions, mechanisms, hard and soft norms, has been formed. The European Money-Laundering Directive of 1991 is the main instrument for future development in this network. Having a regulatory task, as addressed to the financial institutions, and an indirect one in supporting tougher crime control policies, the Directive contributes to the future challenge of combining more free circulation and competition in the European markets and, at the same time, less risk of infiltration of crime. Still, European countries have some difficulty in adopting harmonised anti-money laundering policies that could effectively combat this phenomenon.
§ Vocabulary notes
Words and Grammar
a Write down the word families of the following verbs:
to establish – establishment, established, establisher
to change.............................. to collect..................................... to count................................... to charge.................................... to trust.................................... to dispose................................... to smuggle.............................. to challenge...............................
b Encircle the suffixes of the following words and write down the words they are formed from: end less.. - to end.......... possibility............................... professional............................... diversification........................ procedure.................................. typology.................................. competition...............................
с Translate the following word combinations (starting with the last nouns):
money laundering specialists........................................................... white collar criminals....................................................................... stock exchange centre....................................................................... tax collector....................................................................................... money brokers................................................................................... point-of-sale country........................................................................ the country analysis......................................................................... crime control policy.......................................................................... anti-money laundering controls.......................................................
d Group the following words and word combinations into a few logical groups:
e Underline the Past Participles and translate the following into Russian:
the possibilities offered by important financial centres возможности, предлагаемые важнейшими финансовыми центрами..................................................................................................................................... experience of money movements, supported by the latest electronic technology.............................................. the mechanisms used by other clients................................................................................................................. the policies enacted for combating organised crime........................................................................................... the network composed of institutions, mechanisms, hard and soft norms..........................................................
f Encircle the predicates, write down in what forms the verbs are used and translate the sentences into Russian:
1 A new category of professionals is emerging.. (Present Cont. Active) появляется новая категория специалистов....................................................................................................................................................... 2They have been emerging in Belgium, the Netherlands and Portugal............................................................. 3 Organised crime is changing parallel to the way in which the laundering methods for proceeds of crimes are changing.............................................................................................................................................................. 4 In just a few years an international anti-money laundering regime has been built up..................................... 5 Inside it a European network has been formed.................................................................................................
g Write down what parts of speech the words in italics are and translate the sentences into Russian:
1 A new category of professional money laundering specialists is appearing. (adj.) Появляется новая категория специалистов по отмыванию денег............................................................................................... 2 These professionals are called white collar criminals..................................................................................... 3 Professionals number criminal organisations among their many clients........................................................ 4 The Directive contributes to less risk of infiltration of crime.......................................................................... 5 Many of them risk not only money but their lives too.....................................................................................
Suggested activities
h Write down the answers, using the text:
1 What new professionals involved in money laundering are emerging?......................................................... 2 What do they sell to criminals?...................................................................................................................... 3 Where are the traffickers' proceeds invested?................................................................................................. 4 What is the idea of the European Directive adopted in 1991?.................................................................... 5 Is the Directive very effective?....................................................................................................................
i Make a plan of this text:
j Agree or disagree and support your point of view:
1 The phenomenon of white collar criminals is new to Europe. 2 Shell companies originate from the name of Royal Dutch/ Shell, a famous Anglo-Hollandic oil producing, processing and trading company. 3 Fiduciary contracts are quite legal. 4 The main aim of all those criminals is to hide profits and shelter proceeds from the tax collector. Text 4 There are differences in the predicate offence in the criminal legislation of the members states. Some countries (Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Sweden and the United Kingdom) include in the predicate offences all sort of crimes, following the provisions of the 1990 Strasbourg Convention; some others (Denmark and Greece) have a list with specific categories of crimes and the other countries (Luxembourg, Spain and Portugal) criminalise money laundering derived from drug trafficking offences only. These differences among member states in the range of predicate offences to which money laundering legislation is linked, produce disparity in the prohibition of money laundering, legislations move towards the extension of the predicate crimes for the money laundering offence, including all categories of serious crimes, as recommended by Article 6, first paragraph, of the 1990 Strasbourg Convention, which obliges signatory states to criminalise the laundering of proceeds of «any criminal activity». Nevertheless, paragraph four of the same Article provides a clause of partial exemption to this provision: according to it, each signatory state is allowed to limit the predicate offences to a specific list of serious crimes (for instance, organised crime, drug trafficking, terrorism, etc.). The request for exemption should be eliminated. This would move financial and credit sectors of European countries to extend the reporting provisions to all suspected money laundering activities, independently of the typology of crimes. This development in the legislation will contribute to the improvement of the cooperation between financial institutions and law enforcement agencies. There is recurring evidence in the country analysis of incressing shifts of suspected money laundering activities from regulated to unregulated sectors within the same state and between single member states. This trend is the result of the risk evaluation made by crime entrepreneurs; they obviously try to lower the risk of being detected. The anti-money laundering preventive legislation of each member state must, therefore, be extended to eliminate the sectorial weaknesses. Measures will have to be studied to prevent certain sectors from remaining outside the field of the law and being possibly used for criminal purposes. It is necessary to pay attention to this extension. The risk of an overregulation is incumbent and appropriate measures should be studied for optimising the defence of the free market and the entrepreneurial activity from any unlawful actors, and the basic rules of free and equal competition characterising it.
§ Vocabulary notes
Words and Grammar
a Form nouns from the following verbs and translate them into Russian:
to prohibit.............................. to link........................................ to sign..................................... to extend.................................. to exempt................................ to recommend........................... to range................................... to request..................................
b Write out the English equivalents from the text:
следуя статьям Конвенции........................................................................................ отдельные виды преступлений................................................................................. торговля наркотиками............................................................................................... статья 6, параграф 1.................................................................................................... включать пункт........................................................................................................... определенный список серьезных преступлений...................................................... органы правопорядка..................................................................................................
с Match the English and Russian equivalents:
d Add as many nouns as you can which can be used with the following adjectives:
e Insert the correct articles wherever necessary:
f Choose the correct prepositions:
exemption from/ exemption from/of this provision to contribute in/to the improvement of the cooperation differences of/in the predicate offences from/in the criminal legislation to criminalise money laundering derived from/of drug trafficking legislations move at/to the extension of the predicate crimes as recommended by/on Article 6 g Write down sentences of your own with the following:
to limit the predicate offences the request for exemption to extend the reporting provisions to produce disparity to lower the risk
h Encircle the predicates, write down in what forms the verbs are used and translate the sentences into Russian: 1 The request for exemption should be eliminated modal verb “should” plus Infinitive in the Passive. Необходимо отменить все случаи обращений за получением освобождения от уплат пошлин (и налогов)................................................................................................................................................................... 2 These differences produce disparity in the prohibition of money laundering.................................................. 3 This would move financial sectors of European countries to extend the reporting provisions.................................................................................................................................................................................. 4 This trend is the result of the risk evaluation................................................................................................... 5 They obviously try to lower the risk of being detected.................................................................................... 6 The legislation must therefore be extended to eliminate the sectorial weakness............................................ 7 Measures will have to be studied to prevent certain sectors from remaining outside the field of the law.............................................................................................................................................................................
§ Suggested activities
i Translate the sentences from the text which speak about:
• possible overregulation • defence of the free market • the 1990 Strasbourg Convention • the differences in the predicate offence in the criminal legislation of the European Union countries
j Make a plan of this text and compose a title of the whole text.
Text 5 If too many obligations are posed upon a specific sector or in a specific country, there is a risk of creating serious distortions among different sectors in a single member state or geopolitical distortions in a specific area of the European region because they increase costs and time devoted to the controls. The resources allocated for anti-money laundering controls would not directly be invested in the production cycle of goods or services and would be perceived as an added fixed cost in respect of other competitors who do not have to sustain those same obligations. In this direction, Article 13 of the Directive provides for the creation of a Contact Committee, whose main task is to facilitate the coordination and harmonisation of implementing measures between member states, including action regarding the extension of obligations to additional unregulated professions and undertakings. Actually, the Contact Committee is examining the possibility of creating for all European Union member states a common list of professions and categories of undertakings to be covered. In doing so, many problems arise: first of all, there is the consideration that money laundering can be carried out through virtually any kind of business. However, this does not mean that the provisions of the Directive should be applied to all kind of professions and undertakings, regardless of the real risk involved. Any decision in this regard should keep the balance between the obligations and duties to be imposed and the real risk of money laundering. Secondly, it is important to understand the modus operandi of internal control systems and supervisory authorities for each profession. For this reason, the specific obligations to be applied to each profession and the appropriate system to enforce them should be carefully considered. Certain geographical areas remain scarcely regulated or not regulated at all, and some offshore financial centres are in the European continent or in territories somehow linked to European Union member states. Most offshore banks are subsidiaries or branches of banks headquartered in European Union member countries. Further extension of regulatory provisions also to these subsidiaries or geographic areas should, of course, contribute to enhancing the effectiveness of these obligations and distribute among more actors the economic costs of these preventive policies. The non-compliance to these obligations by external countries or by institutions should be turned into an economic disadvantage, providing sanctions for the institutions or into economic barriers and fiscal disincentives for the countries.
Vocabulary notes
Words and Grammar
a Match the English and Russian equivalents:
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