U.S. Narcotics Report Shows New International Cooperation and Focus on Implementation and Enforcement

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Monday, May 1, 2000
Author: 
Bruce Zagaris
Volume: 
16
Issue: 
5
Abstract: 
Congressional hearings on Russian financial irregularities and gaps in due diligence in private banking, especially in the context of public figure accounts, has generated interest in bills to strengthen predicate offenses to cover foreign money laundering, especially concerning corruption involving foreign officials. In 1999, governments and international organizations showed a new determination to act against states deemed to not comply with international standards. For instance, in April 1999, the U.S. and U.K. issued financial advisories concerning Antigua and Barbuda due to concerns about its anti-money laundering laws. In December 1999, President Clinton signed into law the new Foreign Narcotics Kingpin Designation Act, which provides a statutory framework for imposing sanctions against foreign drug kingpins when such sanctions are appropriate. The Act extends the issuance of Presidential Decision Directive (PDD) 42, ordering the Departments of Justice, State and Treasury, the Coast Guard, the National Security Council, the intelligence community, and other federal agencies to increase and integrate their efforts against transnational crime groups. The President identified nearly 500 individuals and entities as Specially Designated Narcotics Traffickers (“SDNT”) associated with Colombian drug cartels. On June 1, 2000, President Clinton is required to issue the first list of sanctioned persons, which will include persons from all over the world, including businesses associated with drug cartels in the movement of money. Although the announcement of the 1995 policy had as its goal a multilateral sanctions initiative, the U.S. has not persuaded any other governments yet to join.....[more]