Treasury, the Department of Justice and the Department of Homeland Security have jointly released the 2007 National Money Laundering Strategy. We present below the Internet address for this 112 page document. We shall review it in due course and detail any content that would be useful to our readers. A preliminary look, however, reveals a lot of boiler-plate government-speak that merely recycles previous material.

The Office of Foreign Assets Control, or OFAC, has named six Colombian nationals as Specially Designated Narcotics Traffickers (SDNT), together with three corporate entities controlled by these individuals. Readers familiar with the global war on drugs may recognise the first two as " Los Mellizos," or The Twins; they are wanted on narcotics charges in the District of Columbia.

US Magistrate Judge William Turnoff has issued a " Certification of Extraditability [sic] and order of Commitment" in the Miami case styled: In the Matter of the Extradition of Manuel Antonio Noriega. Due to the large amount of controversy generated by the issues, we are summarising the Court's findings of fact and conclusions of law for our readers.

Eduardo Orlansky, one the principals of the defunct non-bank financial institution ES Bankest, has been sentenced to twenty years in Federal prison for bank fraud and money laundering. His brother, Hector Orlansky, previously drew the same sentence. Both of these defendants are also required to make Restitution in the amount of $164m. Bankest borrowed millions from Portuguese-based Banco Espirito Santo, based upon fraudulent financial statements and fabricated accounts receivable.

The Financial Crimes Enforcement network has announced that the Final Rule regarding important portions of Section 312 of the USA PATRIOT Act are effective as of 10 September, 2007, and the Enhanced Due Diligence requirements will apply as of 5 February, 2008, for correspondent accounts opened for certain foreign banks on or after that date. Accounts opened in the period between the September effective date and 5 February are not required to apply Enhanced Due Diligence until 5 May, 2008. See details below.

The Nigerian Economic & Financial Crimes Commission, the EFCC, is to shortly release a list of the names of Nigerian financial institutions that are potential money laundering conduits, due to their failure to install and operate anti-money laundering technology. Whilst it might appear to be a severe step to "name and shame" offending banks, does not their abject refusal to install and utilise what appears to be AML software indicate that there may be problems looking to hide in the shadows? In any event, is it compliance negligence to maintain a correspondent relationship with a foreign institution that admittedly has no AML software in operation?

Recent actions taken by Hamas not only threaten peace in the region, but raise the level of risk for international banks that may be aiding & abetting the designated terrorist organisation in acquiring US Dollars to conduct these operations. It has been reported that Hamas has sent an undetermined number of its fighters to Iran for military training. Though denied by the organisation, the Israeli Defence Forces Deputy Chief of Staff has stated that Israel has the names of more than one hundred. Close affiliation by Hamas with Iran, a US-designated State Sponsor of Terrorism, increases both the risk and severity of sanctions and penalties that could be visited upon financial institutions whose dealings with Hamas become known to US law enforcement. The game has now become a bit more deadly for those banks who still choose to facilitate funding Hamas.

The Home office has denied a visa to the Governor of the Reserve Bank of Zimbabwe, Gideon Gono, saying that his presence in the United Kingdom would be "inappropriate." He joins President Robert Mugabe and other senior Zimbabwean officials who are not welcome in the US, UK, EU and Australia, due to reported human rights violations. The UK decision to ban Gono may be reviewed after three years. He is accused by British authorities of involvement in corrupt practices which have "undermined democracy and the rule of law in Zimbabwe."

United States Magistrate Judge William Turnoff today agreed with US District Judge William Hoeveler, and certified General Manuel Noriega for extradition to France, where he will face money laundering charges that have already resulted in a ten-year sentence, which was pronounced in absentia. Authorities in France have promised him a new trial. Will the US State department trump the courts and send the General back to Panama, where he still has a small, but rabid following? We shall soon see.

Media reports from India are indicating that five charities based in that country are under criminal investigation by law enforcement agencies of the United States. Whilst they have not been identified by name, their reported location may be sufficient for MLROs and compliance officers to check their client records, and to initiate immediate enhanced due diligence on any matches.