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Not Yet Perfect-But The Best There Is
I had the good fortune to be invited recently to discuss with a member of the Italian Government on how best to initiate investigative and reporting procedures on money laundering in financial institutions. One of my colleagues, an advisor to the HOTLINE, was invited to do the same thing with a representative of the government of a South American country.
These officials are trying to fight organized crime and the effect of that crime on their countries and economies.
And, as many countries worldwide, they are trying win this battle against tremendous odds.
Many of them have rules and regulations which are broad, vague and ignored by officials; laws that are ineffectual and/or unenforced; violations that go unpunished; and indifferent financial institutions that really don't care where the cash comes from-as long as it comes to them.
Organized crime is intruding into all areas of the business world. The countries that used to make up the U.S.S.R. are being inundated with counterfeit U.S. currency-of excellent quality. Asian countries are dealing with increasing instances of credit card fraud. South America and Europe are struggling with the money laundering and wire fraud problems.
It brought home to me, once again, that though our system has its faults, its still the best there is. And I know it isn't "politically correct" to praise our government, and our system is not a 4.0. But compared to others it at least comes in at about a 3.5!
Business and government in many countries is a definite "us" and "them" situation. Much of the time, it's the same here. However, when FinCEN invites business to participate in making the regulations, and they sit down together the way they are over the rules regulating Bank Secrecy, then you realize that sometimes government 'works' the way it should.
It would be nice if it could work that way all the time… worldwide. At least we're closer to it than most other governments. We wish them luck.
We know ours is not yet perfect-but it's the best there is!
Copyright © 1995 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 5, No. 11, 8/95
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