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C'wealth unveils model law against money laundering

KUALA LUMPUR: Commonwealth officials on Friday unveiled a model law designed to guide member states' policies against money laundering. The framework, released at the end of a five-day Commonwealth Law Ministers' meeting here, urged the setting up of a Money Laundering Authority in each member country to detect the flow of illicit funds.

Other measures urged by the model include proper records of business transactions as well as enhanced cooperation between member states to track international movement of proceeds from illegal businesses.

Officials said member countries could now draw on the guidelines to either improve existing national laws or introduce new legislation. "Ultimately it is up to the countries themselves - we have no enforcement power," said Cheryl Dorall, the Commonwealth Secretariat's media officer. The ministers also convened a working group to report on judiciary independence at their next meeting, to be held in Trinidad and Tobago in 1999. The group will work out training and exchange opportunities for judges and magistrates among member countries.

Some 150 delegates from 39 of the 53 Commonwealth countries attended the Malaysia conference.-APP