UK Review Calls for Bookies' Help in Fighting Money Laundering
The U.K. government's response to Sir Alan Budd's Gambling Review Report calls for bookmakers to identify bettors who wager large sums of money.
The White Paper issued by the Department by the Culture, Media and Sport on Tuesday would force bookies to report suspicious-looking gaming transactions. A recent inquiry in England found that both on- and off-course betting are used to launder money.
The United Kingdom is in the midst of its most expansive review of gambling law in 34 years. The DCMS is said to be hoping for the gaming law changes to be formalized in a bill before Parliament during its 2003-04 session.
Does U.S. Copyright Law Extend to the Internet?
The lawyer for a Russian company recently argued before a U.S. District Court that his company did not violate U.S. copyright law because the Internet is outside the realm of U.S. law.
Reuters reported on March 4 that a software company based in Moscow is being charged with violating the Digital Millennium Copyright Act by selling software that allows people using the Adobe Systems Inc. eBook Reader to copy and print digital books, among other things.
Joseph Burton, a lawyer with the Duane Morris firm in San Francisco, is representing the defendant, ElcomSoft Co. Ltd. He argued before a district court in San Jose that the copyright law does not extend into the borderless Internet.
"Our position is, regardless of where the Web site was, if the (alleged) criminal activity occurred on the 'Net, it's outside the jurisdiction" of the United States, Burton said.
Judge Ronald Whyte, the judge who heard the case, did not indicate when he would decide whether the lawsuit could be dismissed because of lack of jurisdiction, Burton said.
Liechtenstein Clarifies Duties of Money-Laundering Unit
Liechtenstein's Parliament recently unanimously approved regulations outlining the duties of the country's money-laundering unit, the Financial Intelligence Unit.
The Leichtensteiner Vaterland, principality's largest daily newspaper, reports that the law details the procedures that the unit should use to gain and analyze information on money laundering activities. The new regulations are part of the Liechtenstein financial sector's response to Organization for Economic Co-operation and Development's demands and the attacks on Sept. 11.
IOM Success Due to Ministerial Government, Walker Says
Sir Miles Walker, former chief minister of the Isle of Man, said on March 23 that the island's improved economic situation is due to the implementation of a ministerial government.
Walker said during the 1980s, the island was "floundering," because of high unemployment rates, tumbling property values, a failing banking system and political unrest.
"The economy has strengthened and given people confidence. Government reform was not the full reason, but it did mean that we could coordinate our marketing, send out the right message," Walker said.
"It is a confidence thing. People in industry know who are the decision makers. They know who has responsibility. People like certainty," he added.
OECD Removes Gibraltar from Uncooperative List
Following Gibraltar's promise to make its tax and regulatory systems more transparent, the OECD announced the island is being removed from its "Uncooperative Tax Havens" list.
The island's officials pledged to set regulation for the exchange of tax information by 2005.
"The Gibraltar government has already stated publicly many months ago that it would make the commitments to ensure that Gibraltar remained at the forefront of mainstream, well-regulated international finance centers of the highest repute," Gibraltar's officials told the OECD in a letter on Feb. 28.
A new version of the OECD's list is to be published in late March or early April.
Korea and Belgium Agree on Anti-Money Laundering Solutions
A memorandum of understanding has been signed by Korea and Belgium to put a stop to international money laundering.
Lee Chul-hui, a spokesman for the Korean Ministry of Finance and Economy, said the agreement was signed in Brussels by Shin Dong-kyu, the leader of the Korean Financial Intelligence Unit, and Jean Spreutels, the head of the Belgian Financial Intelligence Processing Unit.
The agreement calls for the exchange of information in cases of suspected money laundering, as well as high levels of training in both countries' financial sectors to stop the activity.
It is the first such agreement signed by the Korean Ministry of Finance and Economy since its inception in November 2001. The agency is looking into similar agreements with the United States, the United Kingdom, Hong Kong and Japan.