Below is the text of Mr Major's written Parliamentary Answer on Money Laundering on 19th April 1990.
Mr. Irvine To ask the Chancellor of the Exchequer when he expects to publish the report of the financial action task force on money laundering; and if he will make a statement.
Mr Major The Government welcome the report of the financial action task force which is published today. A copy of the report has been placed in the Library of the House.
The task force was established following the G7 Paris summit in July 1989 to review existing measures against money laundering and to recommend improvements. Experts from 15 countries (G7 countries, Austria, Australia, Belgium, Luxembourg, Netherlands, Spain, Sweden and Switzerland) and the EC Commission, the OECD, the IMF and the bank for international settlements contributed to the work of the task force, with the United Kingdom playing a leading role. The report has three main sections: an assessment of the extent and nature of the problem; a review of existing legal and administrative measures against money laundering; and 40 detailed recommendations for further action.
The report's recommendations encompass domestic measures implementing the United Nations Vienna convention against illicit traffic in narcotic drugs and psychotropic substances, improvements in laws and administrative practice relating to institutions dealing with large amounts of cash, and strengthening international co-
Provisions included in the Criminal Justice (International Co-
However, money laundering is an international problem which cannot be tackled by individual countries in isolation; the commitment by the major industrialised countries to strengthen international co-