Austria and money laundering

Bugs ****ing Bunny · April 27, 2003, 05:39

I work in financial services, and I'm required to undertake regular training on investigating and reporting money laundering. One thing we have to watch out for are transactions linked with "high risk" nations.

Among the high-risk countries are the usual supects- warzones like Iraq and Afghanistan, banana republics with high corruption levels such as Nigeria and Angola, mafia states of the former USSR and dodgy Caribbean tax havens. However there was also Austria, which sticks out like a sore thumb in that company. It's only just come off the "high risk" list.

What's the story?

Demerzel · April 27, 2003, 05:43

wasn't Austria an international pariah for a while for having a high profile fascist in public office?

Stefu · April 27, 2003, 05:48

Must be all those cuck... No, that's Switzerland. What comes out of Austria?

Hitler?

Seeker · April 27, 2003, 06:02

Maybe they just had legislation protecting the privacy of banking, like Swizterland.

yago · April 27, 2003, 06:16

Lichtenstein.

Europe is a complicated patchwork of different countries. I think, someone messed up Austria with Lichtenstein. Or just was tired to answering questions like:" where and what is Lichtenstein ?"

Those huge and famous countries like Monaco, Jersey, the Bahamas and Andorra.

Alexander's Horse · April 27, 2003, 07:31

I know the answer but am too tired to explain.

So roll on the Roland troll.

Skanky Burns · April 27, 2003, 08:11

/me hits AH with a 2 by 4.

Alexander's Horse · April 27, 2003, 08:34

Ouch!

The problem is Austria's bank secrecy laws, which it is under intense pressure to change and probably will do so soon.

Bugs ****ing Bunny · April 27, 2003, 15:04

Yet Switzerland isn't considered high risk...

yago · April 27, 2003, 15:20

AND WILL NOT CHANGE ITS LAWS.

WE WILL NOT BEND UNDER FOREIGN (BIGOT) PRESSURE

First Bahamas and Jersey, than we may talk.

And we have bigger threats than wma's or nuclear weapons. We have records of money transfers.

Spiffor · April 27, 2003, 15:23

Quote:

Originally posted by yago
And we have bigger threats than wma's or nuclear weapons. We have records of money transfers.

That actually could deter foreign agression much more effciently than Saddam's chemical weapons

Btw, when do you join the EU already ?

Az · April 27, 2003, 16:37

NO WE WILL NOT JOIN YOU FASCIST COMMIE OCCUPANTS LONG LIVE THE SWISS EMPIRE.

Bereta_Eder · April 27, 2003, 16:39

Azazel is jealous coz Israel can't join the EU

Kuciwalker · April 27, 2003, 16:41

Azazel... how can they be fascist commies? Isn't that kinda oxymoronic?

Bereta_Eder · April 27, 2003, 16:42

paradoxicalogical more like.

Bereta_Eder · April 27, 2003, 16:47

to the topic, if you're refering to OECD's TAFT team (I may have the acronyms wrong) the team to push laws to combat economic crime worldwide, then one thing that always gets the shorts in a bundle is anonimity of ownership of companies as well as not revealing tax information of foreigners to their home country. All of which can aid money laundrering. as well as certain other statures of companies. Dont know if AUstria is in that case, but lots of countries which are in the OECD's team "black list" are.

Az · April 27, 2003, 16:48

Quote:

Azazel is jealous coz Israel can't join the EU

I thought we were in europe.

Spiffor · April 27, 2003, 17:02

Quote:

Originally posted by Azazel

Quote:

Azazel is jealous coz Israel can't join the EU

I thought we were in europe.

Nah, Europe is just a bunch of antisemits out to destroy Israel

Az · April 27, 2003, 17:04

now, now. Israelis, (inlcuding me!) just think that it's a shame that you let yourself die out, and be replaced by muslims.

Az · April 27, 2003, 17:15

But, we're getting sidetracked.

so, Austria.

yaroslav · April 27, 2003, 18:37

Quote:

Originally posted by skywalker
Azazel... how can they be fascist commies? Isn't that kinda oxymoronic?

Have you seen that Simpson chapter about nazi-commies figthing against the "Arnold Schwarzenegger"-like character?

Wernazuma III · April 28, 2003, 17:21

Just like AH is saying, but AFAIK, the laws have already been changed or at least partially (I had to verify my savings last year) <-- "verify" is probably a bad terminology, I had to go to the bank and give them personal data.