NCJ Number
132419
Journal
North-South Volume: 1 Issue: 2 Dated: (August-September 1991) Pages: 38-39
Date Published
1991
Length
2 pages
Annotation
The international drug money laundering problem has its principal base in the western hemisphere, and the Organization of American States has recently taken a significant step to develop a hemispheric approach to dealing with drug offenses and money laundering.
Abstract
A 12-day meeting of experts brought together by the Inter-American Drug Abuse Control Commission (CICAD) produced a set of draft model laws that would criminalize money laundering throughout the hemisphere, facilitate the seizure and forfeiture of drug-tainted assets, and enhance international cooperation in money laundering investigations and prosecutions. Regulations proposed for adoption by Member States would make it a criminal offense, subject to the local constitution and laws, to acquire, possess, or use property that is known to be the proceeds of a drug offense. The proposed regulations also contain broad forfeiture provisions for property that results from an illicit drug trafficking offense and permit the issuance of judicial restraining or freeze orders for property and accounts linked to drug offenses. Innocent third parties may assert claims to seized property, and courts can order banks and other entities to furnish records to authorities concerning trafficking offenses. A government agency which obtains forfeited property may retain it for official use or may sell or transfer it to any foreign country that assisted in the process.