Welcome to IGN's newest column. Each month we'll deliver the latest in international policy developments that could affect the I-gaming business. From dealings between nations to actions taken by international
organizations, it's a digest of the latest in global policy.
Switzerland and Monaco Pledge to Share Information on Money Laundering
The government of Switzerland has finalized an information-sharing deal with Monaco to promote the free flow of facts concerning international money laundering.
Switzerland has similar arrangements with Belgium and Finland. The country is coming off recent changes to its money laundering authority that were prompted by complaints from the House of Representatives about the way the agency was structured. Niklaus Huber, former chief executive of the money-laundering authority, resigned, alleging that he didn't have adequate political or financial support to do his job.
The new head of the authority, Dina Balleyguier, has increased her staff to 21 and has said she has been promised all the financial support she needs. Switzerland has one of the world's 58 financial intelligence units that are part of the Egmont Group, which promotes information exchange about crime financing.
Southern Africa Conference Addresses Money Laundering Issues
Southern Africa's growing money laundering problems were the topic of discussion in Johannesburg today at the first South African Regional Conference on Money Laundering in Morningside, Sandton.
The conference is being attended by police, bankers, auditors and diplomats and hosted by the SA Police Service, the Southern African Regional Police Chief's Co-operation Organisation and the French Embassy. The conference continues to Feb. 28.
At the conference, French Consul-General Michel Tretout said he considered money laundering "the main plague of our time."
The French Embassy released a statement saying a goal of the conference will be to brief judges and police officers in the latest instruments and methods to fight money laundering.
UK Wants Jersey to Cooperate with OECD
Britain is threatening to put the economic hammer down on Jersey if it doesn't commit to the Organization for Economic Cooperation and Development's (OECD) demands about financial transparency.
The U.K. government has told the island that it will receive sanctions if it does not abide by OECD commitments including equality of treatment for domestic and offshore companies and
"know-your-customer" information exchanges. The list of British territories that are blacklisted by the OECD includes Gibraltar, Montserrat, the British Virgin Islands, the Turks and Caicos Islands and Anguilla. British territories that have made commitments to the OECD include Bermuda, the Isle of Man and the Cayman Islands.
Jersey has made some legislative changes to address the OECD. The island's attorney general, William Bailhache, said Jersey will not stand for criticism of its financial structure.
"We're a small jurisdiction and we're well aware how easy it is for others to criticize our finance industry," he said.
OECD Drops Barbados from Blacklist
The OECD said earlier this month that Barbados has been dropped from its blacklist of uncooperative tax havens.
Discussions between the OECD and Barbados have shown that the country has transparent tax and regulatory systems as well as a mechanism to engage in information exchanges with other jurisdictions, the group said in a press release.
Andrew Quinlan, president of the Center for Freedom and Prosperity, said he hopes the turn of events signals a change in OECD policy. For the last year and a half, he said, the only way for a nation to get off the blacklist was to sign a Memorandum of Understanding, which Barbados did not do.
"We hope this is a sign the OECD is ceasing its attack on the domestic policies of sovereign nations," he said. "It is time to put the 'blacklist' in the 'black hole' of history."
Kuwait Approves Anti-Money Laundering Provisions
The Kuwaiti Parliament passed a new anti-money laundering law Feb. 13. The law, which was approved by the legislature on its second reading, had been floating around Parliament for several years, but was addressed recently to escape potential action from the Financial Action Task Force (FATF).
Under the new law, there is a maximum seven-year sentence for money laundering. That is in addition to a fine that equals half of the amount of money laundered. Criminal penalties will be levied to financial service providers that do not report money-laundering activities that they know about.
Israel Battles for FATF Blacklist Removal
Israel is also fighting its way off of a blacklist with more aggressive anti-money laundering regulations.
The country announced a new ordinance to challenge money laundering in mid February as part of its effort to be removed from the FATF's blacklist. The ordinance was put in place by the Bank of Israel's governor; it requires banks to check the identities of account holders, verify authorized signatures and keep account documents for seven years after the account is closed.
Israel was not removed from the FAFT's list in January because its anti-money laundering legislation is not completely enacted yet. Boax Raday, the country's minister for economic affairs, said there is a possibility Israel could be dropped from the list during the group's June
session.