25 Nov 2004

Marshall Islands gets good report on anti money-laundering efforts

10:32 am on 25 November 2004

The Marshall Islands Banking Commissioner, Alfred Alfred, Jr, says the country has shown in its first international evaluation that all the ingredients

for effective anti-money laundering are in place

Eliot Kennedy, executive officer of the Sydney-based Asia/Pacific Group

on Money Laundering, who headed the team that carried out the evaluation says he can't go into specifics of the report, but confirmed Alfred's assessment of the anti-money laundering capabilities of the Marshall Islands.

Alfred Alfred says banks are considered the biggest risk in money laundering, but Marshall Islands banks have an impressive record of cooperation and

action to prevent money laundering.

Two years ago, the Financial Action Task Force removed the Marshall

Islands from its money laundering blacklist following a successful

effort by the country to comply with international requirements to prevent

money laundering.