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World Money Laundering Report

"This case is a good example of how disregarding reporting and compliance can turn into a crime" : New Jersey District Attorney's Office. But still the USA fails, even in the most blatant cases, to prosecute a bank for money laundering.

The Securities and Exchange Commission has obtained an emergency court order to shut down a Ponzi scheme targeting retirees in California and Illinois by inviting them to estate planning seminars and later coaxing them to buy promissory notes for purported Turkish investments.

It's a mark of just how tunnel-visioned the USA's counter-money laundering strategy is that it is only now getting around to thinking about including non-bank lenders in its regulatory net. The US needs a massive kick in the soft bits and told to get its law sorted out, says Nigel Morris-Cotterill, Head, The Anti Money Laundering Network. It's time the FATF stepped in and issued a warning about the USA, he says.

As Lord Woolf confirms that the Court of Appeal was wrong to allow John "Goldfinger" Palmer to retain proceeds of fraud, the Home Office is deciding whether to try to use the Proceeds of Crime Act to attack the funds. Easy-peasy, says Nigel Morris-Cotterill

It may not be scientific research but the word-of-mouth system around South East England last week was that the property boom was already in the grip of a downturn as the IMF issued a report saying that it was all rosy. Last year, the UK housing market, according to some reports, soared 25% by average house price value.

The Associated Law Societies of Canada have succeeded in their attempts to overturn some of Canada's requirements that lawyers report

Russia is to be admitted to the Financial Action Task Force at its plenary meeting in Berlin this coming June.

The full text of the 2003 writ in the case of the USA's SEC v KMPG JOSEPH T. BOYLE, MICHAEL A.
CONWAY, ANTHONY P. DOLANSKI and RONALD A. SAFRAN alleging "Defendants KPMG LLP ("KPMG") and certain KPMG partners permitted Xerox Corporation ("Xerox") to manipulate its accounting practices and fill a USD3,000 million "gap" between actual operating results and results reported to the investing public from 1997 through 2000." Civil Action No. 03-CV-0671(DLC) COMPLAINT SECURITIES FRAUD Reproduced verbatim.

On 29 January 2003, KPMG issued a press release responding to the writ issued by the SEC. The full text of the KPMG release is below.

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