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Strategies & Market Trends : Scamthony Cataldo
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To: scion who wrote (30)1/14/2004 4:44:46 PM
From: scion  Read Replies (1) of 137
 
The Need for an International Approach

Money laundering originating in Russia is a problem that requires an international
organizational approach because: (1) money laundering reallocates International Money Fund
(IMF) and bilateral aid (such as from the U.S. Agency for International Development) intended
for impoverished Russian citizens; (2) the corruption and fund origination are indicative of
problems which, if left alone, will likely lead to poverty, misrule and instability that spills over to
Europe; (3) the transboundary nature of money laundering requires an international
collaborational approach; and (4) international organizations are the only current international
infrastructure available to coordinate anti-money laundering attempts across a broad
range of states.
Both bilateral and multilateral aid has been funneled out of Russia and laundered in
41
the international financial system. IMF funds compose an undisclosed amount of the Bank of
New York scandal funds, and are only the latest to be identified as having been redirected.82
Again, the IMF’s decision in July 1998 to depart from its usual practice of making funds available
to the hard-currency reserves of Russia’s Central Bank serves as an example. 83 The most
notorious scandals involving U.S. bilateral aid came in the wake of the funds given to the
Harvard Institute for International Development (HIID), which was given virtually complete
control of AID funds for Russia during the privatization process.84
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