FATF SAYS CRIMINALS USE FRENCH FASHION TO LAUNDER HOT MONEY
July 1st, 2006
BY KEITH NUTHALL
THE WORLD'S top anti-money laundering body has warned that organised criminals have used French fashion purchases to help hide their ill-gotten gains. The Financial Action Task Force's (FATF) latest report on money laundering techniques has written how illicit drug dealers have smuggled into France the cash proceeds of Japan drug sales. This has bought luxury lines in designer fashion stores, which are then exported to Japan and resold by a shell company, which deposits the money as legitimate profits into Japanese banks.
ENDS
THE WORLD'S top anti-money laundering body has warned that organised criminals have used French fashion purchases to help hide their ill-gotten gains. The Financial Action Task Force's (FATF) latest report on money laundering techniques has written how illicit drug dealers have smuggled into France the cash proceeds of Japan drug sales. This has bought luxury lines in designer fashion stores, which are then exported to Japan and resold by a shell company, which deposits the money as legitimate profits into Japanese banks.
ENDS
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