Mr. Vincent Schmoll

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  www.apgml.org/about/newsDetail.aspx?newsID=51 - [Cached Version]
  Published on: 11/28/2007    Last Visited: 2/1/2008  

  Mr. Vincent Schmoll,
  
  Principal Administrator, Secretariat of the Financial Action Task Force (FATF),

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  www.casinocashjourney.com/archive/casino_news_nov_10_06 - [Cached Version]
  Published on: 11/10/2006    Last Visited: 1/24/2008  

  "With this thorny question of Internet gambling, where the United States has made a decision on policy that is not unanimous in the world community,there will be ways that these systems will be exploited, kind of like the old days in prohibition," says Vincent Schmoll, principal administrator with the FATF secretariat and editor of the report."Quite honestly, in the criminal financial world exploiting differences in jurisdictions has been the key thing all along."
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  Schmoll says the issue of whether Internet payment processors should be considered governable only by the states in which their servers are based will be a fundamental question for the FATF to answer.

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  Arab Academy for Banking and Financial Sciences - [Cached Version]
  Published on: 6/15/2004    Last Visited: 7/5/2004  

  First Session: Money Laundering Activity and the FATF Recommendation Paper 1: "Informal Value Transfer Systems: Their Uses and Abuses" Professor Nikos Passas, Northeastern University, College of Criminal Justice, Boston, Massachusetts, U.S.A. Paper 2: "Role of Financial Action Task Force (FATF) and the 40/48 Recommendations" Mr. Vincent Schmoll, Principal Administrator, FATF Secretariat, Paris, France

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  BIZ-Money-Laundering - [Cached Version]
  Published on: 10/14/2006    Last Visited: 10/14/2006  

  Vincent Schmoll, principal administrator with the task force, says these devices are becoming increasingly popular and should be monitored closely.
  
  A report by the group says cross-border providers of these payment systems could pose a bigger risk than those operating within one country or jurisdiction.
  
  Schmoll says something like a general purpose card without a limit would be concerning to the committee, although those cards are not yet available in Canada.
  
  The Financial Action Task Force is made up of 31 counties, including Canada.

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  Country Focus - Hung Out to Dry - [Cached Version]
  Published on: 6/1/2000    Last Visited: 1/9/2007  

  "The idea was not to put countries on the list and leave them there," says Vincent Schmoll, principal administrator at the FATF Secretariat, which is housed in the Paris-based Organization for Economic Cooperation and Development."These countries did significant work to get off of the list," he says.They had plenty of incentive to do so, too."Developing countries recognize that a safe and sound banking system can attract investment rather than repel it," Schmoll says.
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  "The FATF is a standard-setter," Schmoll says."The same procedures are used by the International Monetary Fund and the World Bank."
  
  UN Security Council Resolution 1617, which was adopted in July, strongly urges all countries to implement the standards embodied in the FATF recommendations on money laundering and terrorist financing, Schmoll says.Meanwhile, the FATF will continue its program of mutual evaluations, whereby members submit to an assessment by their peers of their laws and systems for fighting money laundering.
  
  At its recent meeting in Paris, the FATF launched a project, in partnership with the Asia/Pacific Group on Money Laundering, to explore the symbiotic relationship among corruption, money laundering and terrorist financing.
  
  "When a country puts our anti-money-laundering standards in place, along with the necessary legal and law-enforcement systems, it can be hindered in implementing the recommendations because of endemic corruption," Schmoll says.He says the FATF is studying whether or not there is an evolving role for the organization in relation to the corruption issue.

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  FSI Publishing | Financial Solutions International - [Cached Version]
  Published on: 7/19/2006    Last Visited: 12/25/2007  

  Speaking to FSI, FATF principal administrator Vincent Schmoll stressed that the worst vulnerabilities were often in developing countries, where supervision has been and continues to be weak."With money laundering, a lack of transparency seems to attract the bad money," he said, explaining that economic change in poor countries had sometimes outstripped reforms of regulatory systems.
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  Mr Schmoll says the FATF has found this to be an effective way of proceeding."There's nothing worse than peer pressure to get people to do things", he said.The FATF secretariat could also use these guidelines in its own assessments, which are most notably written on the world's worst performers on anti-money laundering legislation, such as Myanmar (Burma), which remains on the special watch list for international financial services companies.
  
  They could also be used by the task force's new allies in the anti-money laundering world, the International Monetary Fund and the World Bank, who have been using FATF guidelines for two years to inform and guide their lending and grant aid policies to different countries.Where a particular national insurance sector was considered riddled with money laundering scams, there would be less enthusiasm for releasing money."It's an extra pressure or arm when we issue a report or guidance," said Mr Schmoll.

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  Government underscores commitment to fight money... - [Cached Version]
  Published on: 9/18/2001    Last Visited: 1/20/2004  

  Vincent Schmoll, administrator at FATF in Paris, gave an overview of the way money is laundered.He said the operation involved creating a business activity to disguise or conceal the origin of the proceeds from crime.
  
  Funds could come from illegal trafficking, white collar crime, tax fraud and insider trading among other crimes.The money could be used to fund terrorism, he said.
  
  Mr Schmoll said it was extremely difficult to calculate the extent of the money laundering problem but rough estimates put it at about two per cent of the world`s GDP, or the equivalent of the GDP of Spain.
  
  Launderers did not care about the negative effect that their operations could have on the economic and social conditions of the country where they placed their funds.
  
  Laundering was hard to detect in countries that had banking and corporate secrecy.It infiltrated parts of the financial sector, parts of the economy and also part of government, Mr Schmoll said.

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  Gulf Daily News - [Cached Version]
  Published on: 8/23/2006    Last Visited: 8/23/2006  

  "A key battle we have won is that financial institutions are keeping records that need to be there, and providing them to intelligence institutions when they need them," said Vincent Schmoll, at the Paris-based Financial Action Task Force (FATF).
  
  The FATF groups 31 countries and helps governments to tackle the financing of terrorism and prevent the proceeds of crime from passing through the global financial system.
  
  Britain earlier this month ordered the freezing of assets held by 19 people suspected of involvement in the plot to blow up transatlantic airliners.
  
  Schmoll said it was possible that British banks were already cooperating with intelligence agencies before the accounts were frozen.
  
  "This is pure speculation, but I would say from the fact that the accounts were identified easily, that would lead one to believe there was co-operation early on," said Schmoll.

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  Malta Committed To Money Laundering Fight Says Dalli,... - [Cached Version]
  Published on: 1/1/2002    Last Visited: 1/1/2002  

  Other speakers at the 'Combating Money Laundering' seminar included MFSC Chairman, Joe Bannister, Deputy Attorney General Silvio Camilleri, Financial Services Authority Policy Adviser James London, and FATF Administrator Vincent Schmoll.
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  Mr Schmoll spoke of the insidious effects of money laundering activities on a jurisdiction, observing that by degrees it infiltrates the financial services sector, controls the economic sectors, and allows unidentified criminal activity.He added that it is an issue which touches financial centres world-wide.
  
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  Managing Globalization: Ins and outs of underground... - [Cached Version]
  Published on: 7/11/2006    Last Visited: 7/12/2006  

  "It does not offer anything except moving money from here to there, which is the bare minimum," said Vincent Schmoll, principal administrator in the secretariat of the Financial Action Task Force, an intergovernmental group that fights money laundering. As a result, he said, one of the major advantages of a reserve banking system - the ability to lend money taken on deposit so it can be used in the economy - does not exist.In a country dependent on hawala, saved money simply sits around doing nothing. In addition, hawala makes life easier for illegal immigrants, even more than for legal immigrants.The informality of the system - records can often be minimal and quite cryptic - makes it less likely that they will be tracked. The Financial Action Task Force hopes that more hawala transactions can be brought into the light of day with more straightforward records, identification of customers and resources for hawaladars who suspect their clients may be up to no good.Schmoll said that when Saudi Arabia made informal hawala illegal a couple of years ago, financial companies filled the gap with low-cost remittance services.

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