The Banco Delta Asia affair: the USA patriot act and allegations of money laundering in Macau

The anti-money laundering laws of the US are the most powerful in the world. Their broad provisions and extra-territorial reach pose risks to financial institutions around the world. Although they are not widely understood, recent cases demonstrate how these laws operate. In this paper I briefly des...

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Bibliographic Details
Main Author: Gaylord, Mark S. (Author)
Format: Electronic Article
Language:English
Published: 2008
In: Crime, law and social change
Year: 2008, Volume: 50, Issue: 4/5, Pages: 293-305
Online Access: Volltext (lizenzpflichtig)
Check availability: HBZ Gateway
Keywords:
Financial Action Task Force
Financial Institution
Foreign Jurisdiction
Money Laundering
Treasury Department
Description
Summary:The anti-money laundering laws of the US are the most powerful in the world. Their broad provisions and extra-territorial reach pose risks to financial institutions around the world. Although they are not widely understood, recent cases demonstrate how these laws operate. In this paper I briefly describe Macau, the new gambling capital of the world; analyze the alleged role of Banco Delta Asia (BDA), a small, family-owned bank in Macau, in money laundering on behalf of North Korea; and offer some observations on the controversial use of Section 311 of the USA Patriot Act.
Item Description:Literaturverzeichnis: Seite 303-305
ISSN:1573-0751
DOI:10.1007/s10611-008-9127-3