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Section 2: Money Laundering Trends in the European Union




 

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

to launder ['lo:nd@] стирать и гладить (белье), отмывать (перен.)  
laundry   прачечная  
research [rI's@:tS] исследование, изучение  
recently   недавно  
illicit [I'lIsIt] незаконный, недозволенный, запрещенный  
proceeds [pr@'sI:dz] доход, вырученная сумма  
to acquire [@'kwAI@] приобретать  
tangible ['t{n³Ibl] осязаемый, материальный  
assets ['{sets] 1) активы, авуары; 2) имущество; 3) имущество несостоятельного должника, имущество  
    обанкротившейся фирмы  
luxury ['lökS@rI] роскошь  
item ['art@m] предмет  
real estate   недвижимость, недвижимое имущество  
syn.real property      
real estate agent   агент по продаже недвижимости (домов, земельных участков и имений)  
real estate duty   налог на унаследованную недвижимость  
       
  precious ['рr@S@s] драгоценный
  bulk   большое количество
  cash   наличные (деньги)
  to originate   происходить, возникать
  to link   связывать
  straw [strO:] солома
  a straw man   1) соломенное чучело; 2) ненадежный человек; 3) подставное, фиктивное лицо
  existence [Ig'zIst@ns] существование
  to eliminate [I'lImIneIt] устранять, исключать, уничтожать
  trace   след
  strict   1) строгий, требовательный;
      2) точный
  strict truth   истинная правда
  in the strict sense   в строгом смысле этого слова
  of the word    
  to earn [@:n] зарабатывать, получать
  interest ['Int@r@st] 1) интерес; 2) проценты;
      3) доля, участие в прибылях
  major   главный
  major reconstruction   коренная перестройка
  tion to operate   1) вести, производить (операции)
      вести счета (с банке); 2)управлять, заведывать
  to operate accounts    
       
  bureau tie change ['bju@r@u d@ пункт обмена валюты
    'tSeIn³]  
  pl.bureaux de change ['bju@ro: da 'tSeIn³]  
  gambling house   игорный дом
  to gamble [g{smbl] играть в азартные игры
  stockbroker   биржевой маклер
  to reveal [rI'vI:l] показывать, раскрывать
  circuit bond ['s@:kIt] 1) кругооборот; 2) выездная сессия суда; 3) (судебный) округ 1) облигация; 2) долговое обязательство; 3) таможенная закладная
             

 

§ 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:

to take part, to receive, to sum up, to come from, to connect, to carry out, to remove, to open

 

to acquire ....................... to undertake .......................
to originate ..................... to eliminate .........................
to link ............................. to participate ......................
to summarise ................. to reveal .............................

 

с Choose the antonyms from the box:

 

slow, imaginary, illieit improper, illegal, incomplete

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:

 

acquiring money criminal activity shell companies second line banks stockbroking markets premium insurance bond sector

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

 

  wire transfer   телеграфный перевод
  wire   телеграф
  by wire   по телеграфу
  financial instrument   финансовый инструмент
      (валюта, ценные бумаги, депозиты)
  source [sO:s] источник
  complicity [k@m'plIsItI] соучастие (в преступлении)
  to facilitate [f@'sIlItIt] облегчать, содействовать
  to fail   не исполнить, не сделать
  to fail to report   не сообщать
  without fail   непременно, обязательно
  failure ['feIlj@] неудача
  to exceed [Ik'sI:d] превышать
  threshold ['TreShould] порог
  to file   заполнить
  false [fo:ls] ложный, подложный
  mature [m@'tju@] зрелый, развитый
  mature system   развитая система
  to expose [Iks'pouz] подвергать
to expose to difficulties   ставить в затруднительное  
    положение  
access ['{ks@s] доступ, подход  
favoured ['feIv@d] привилегированный, пользующийся преимуществом  
favoured few   немногие избранные  
software ['softwE@] программное обеспечение,  
    программные средства, программы  
suspense [s@s'pens] временное прекращение,  
    приостановка  
suspense account   промежуточный счет (для  
    сомнительных операций или  
    ошибочных поступлении)  
utility [ju'tIlItI] полезность, использование  
target ['ta:gIt] цель  
to disclose [dIs'klouz] раскрывать, разоблачать  
disclosure [dIs'klouZ@ ] раскрытие, разоблачение,  
    открытие, обнаружение  
             

 

§ 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 knowknowledge

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

 

  random ['r{nd@m] случайный, беспорядочный, выбранный наугад
  at random   наугад, наобум
  trafficker ['tr{fIk@] торговец (обычно в отрицательном значении)
  in addition to   в дополнение к
  venue ['venju:] 1) судебный округ, в котором
      должно слушаться дело; 2) место сбора, встречи
  commodity [k@'modItI] 1) предмет потребления; 2) товар; 3) удобство
  syn. goods    
  stock exchange   фондовая биржа
  to comprise [k@m'praIz] включать, заключать в себе,
      охватывать
  diversification [daI,v@:sIfI'keSn] 1) разнообразие; 2) вклад капитала в различные по типу предприятия (США)
  to manage ['m{nI³] руководить, управлять
  fiduciary [fI'dju:SI@rI] 1) доверенный, порученный;
      2) основанный на общественном доверии
  to smuggle [smögl] 1) провозить контрабандой
  to smuggle into   2) заниматься контрабандой
  (out, through) a    
  country    
  to smuggle a letter   3) тайно пронести письмо в тюрьму
  into a prison    
  to shelter   1) приютить, дать приют, укрывать, прикрывать;
      2) спрятаться, укрыться
  collector [k@'lekt@] 1) сборщик (налогов и т.п.);
      2) коллекционер; 3) инкассатор
  discount ['dIskaunt] 1) скидка; 2) учет векселей;
      3) проценты скидки, ставка учета
  to handle   1) управлять, регулировать;
      2) делать руками; 3) обращаться с
  entire [In'taI@] полный, целый, цельный, совершенный
  disposition [,dIsp@'zISn] 1 ) расположение, размещение;
      2) характер, нрав; 3) избавление, продажа
  to reap   снимать урожай, жать, пожинать плоды
  network ['netw@:k] 1 ) сеть, сетка; 2) сообщество;
      3) радиотрансляционная сеть
  tough [töf] жесткий, плотный, упругий, стойкий
  tough criminal   закоренелый преступник
  tough problem   трудноразрешимая проблема
  tough customer   человек, с которым трудно иметь дело
  challenge ['tS{lIn³] 1 ) вызов, сложная задача;
      2) отвод (присяжных)
  peremptory challenge   отвод без указания причины (в уголовных делах)
circulation [,s@:kju'leISn] 1 ) кругооборот, обращение;  
    2) денежное обращение; 3) тираж  
competition [,kompI'tISn] соревнование, конкуренция  
infiltration [,mfIlt'reISn] проникновение, просачивание  
             

 

Words and Grammar

 

aWrite down the word families of the following verbs:

 

to establishestablishment, 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:

financial advisers, high quality services, solicitors, contracts, experience and knowledge of money movements, to manage funds, trafickers, fiduciary contracts, to hide profits, shell corporations, financial management, money managers, trust companies, to smuggle gold, to shelter proceeds from the tax collector, money brokers, to buy cash in bulk at a discount rate, to reap profits by investing in legal business

 

Group
         

 

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.................................................................................................

 

gWrite 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

 

predicate ['predIkIt] утверждение
list   список, перечень, реестр
to enter in a list   вносить в список
to make a list   составлять список
drug   1) наркотик; 2) лекарство, медикамент
drugstore   аптека
disparity [dIs'p{rItI] неравенство, несоответствие, несоразмерность
disparity in years   разница в годах
prohibition [,prouI'bISn] 1 ) запрещение; 2) сухой закон
signatory ['sIgn@t@rI] сторона, подписавшая какой-либо договор или другой документ
exemption [Ig'zempSn] освобождение (от налогов и т.п.)
exemption from military service   освобождение от военной службы
to contribute (to smth) [k@n'trIbju:t] способствовать, содействовать (чему-либо)
to recur [rI'k@:] возвращаться, повторяться, происходить вновь
evaluation [I,v{lju'eISn] оценка, определение
entrepreneur [,ontr@pr@'n@:] предприниматель
obvious ['obvI@s] очевидный, явный, ясный
for an obvious reason   по вполне понятной причине
an obvious question   само собой напрашивающийся вопрос
to eliminate [I'lImIneIt] устранять, исключать
to eliminate a possibility   исключать возможность
incumbent [In'kömb@nt] обязанность, долг
actor   1 ) деятель; 2) актер
a bad actor   ненадежный человек

 

Words and Grammar

 

aForm 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:

 

... United Kingdom ... Austria ... Netherlands ... provisions of ... 1990 Strasbourg Convention ... Article 6 ... paragraph four ... same Article ... anti-money laundering preventive legislation of ... each member state must therefore be extended to eliminate ... sectorial weakness.   According to it, ... each signatory State is allowed to limit ... predicate offences to ... specific list of ... serious crimes.

 

f Choose the correct prepositions:

 

exemption from/of military service

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

 

to pose   формулировать, излагать, ставить, предлагать  
to create   творить, создавать  
distortion   искажение, искривление  
to allocate ['{bl@keIt] размешать, распределять, ассигновать  
to invest   1) помешать, вкладывать (деньги, капитал);  
to invest in smth   делать капиталовложения в  
(industry, ...)   (промышленность и т.п.)  
to invest with smth   2)облекать (полномочиями и т.п.)  
(power, ...)      
  to perceive [p@'sI:v] воспринимать, осознавать, чувствовать
  to sustain [s@'steIn] 1) поддерживать; 2) испытывать, выносить, выдерживать;
      3) подтверждать, доказывать
  the court sustained his claim   суд решил в его пользу
  undertaking   1) предприятие, дело; 2) обязательство, соглашение
  to arise (arose, arisen)   появляться, возникать
  virtually ['v@:tS@lI] фактически, в сущности, поистине
  regardless   невзирая на, не считаясь с
  to impose   облагать (пошлиной, налогом и т.п.)
  modus operandi (Lat.)   образ действий
  supervisory   наблюдательный, контролирующий
  supervisory body   контрольный орган
  scarcely ['skE@slI] 1 ) едва, как только, только что;
      2) едва ли, вряд ли; 3) едва, с трудом
  subsidiary [s@b'sIdI@rI] дочерняя, подконтрольная компания
  syn.subsidiary company    
  headquarters [,hed'kwo:t@z] 1 ) штаб, штаб-квартира;
      2) главное управление, центр,
      центральный орган
  to distribute [di'strIbju:t] 1 ) раздавать, распределять;
      2) распространять; 3) классифицировать
  compliance [k@m'plaI@ns] согласие
  in compliance with your wish   в соответствии с вашим пожеланием
  disadvantage [,dIs@d'va:ntI³] невыгода, невыгодное положение, вред, ущерб
  to be at a disadvantage   быть в невыгодном положении
  fiscal ['fIsk@l] финансовый, фискальный
  fiscal year   финансовый год
  disincentive [,dIsIn'sentIv] сдерживающее средство, препятствие
             

 

Words and Grammar

 

a Match the English and Russian equivalents:

 





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