The size. number and knowledge of today's financial markets is growing faster than ever before. Enormous growth in the demand for financial products. new ways of financing. penetration into new markets and newly automatized trading and payments systems that arc applicable both internationally and nationally led to the extraordinarily quick development of financial markets. there are various measures against money laundering. The first impulse for the creation of a coordinated international endeavour against money laundering came to its existence ill the 1980s with the main emphasis to solve the distribution of drugs. In this context. the highest priority was given to the strategy aimed at dismantling the organization engaged in drug distribution nets, their administration and economic power, The results so far reveal that every strategy against money laundering must. besides the utilization of traditional instruments of criminal law. embrace participants of the financial sector to the possibly large extent. From the two factors mentioned above. it implies that national initiatives against money laundering on themselves can not be sufficient given the fact in mind that one of the most important assumptions for the successful money laundering is the masking of evidence material and direction of financial flows. The first great step. in this regard, was taken by the UN convention in Vienna in 1988. which characterized trading with narcotics materials as illegal. This significant instrument which has an international level and has been so far ratified by around 100 countries. This certainly had and has a tremendous impact oil the future development of [lie fight against money laundering and should be taken by member countries as a minimum standard and should therefore be respected. Despite the fact that the Vienna convention in 1988 was a very important first step. the other equally important step was taken by the Council of Europe, which signed the convention on money laundering in 1990. The objective was linked to searching and confiscation or the resources resulting from illegal activities. The expert commission. which proposed the convention to the Council of Europe. leas from the very beginning agreed that [lie obligation of the convention be beyond the framework of the trade with drugs. Since 1990. there is a permanently growing effort to separate money laundering from trading with drugs. which is reflected in the adoption or legislations on the national level of member countries. For instance, while in 1992 only a handful of (lie 26 member countries of the FATF put oil trial against money laundering. in 1993 already 10 countries adopted legislative measurement upon which money laundering coming from any serious criminal activity or a criminal activity that generates high profit to be considered as a criminal activity. The above mentioned internal legislation development of member countries of the EU found its feedback also in the direction of EU in June 1990 oil [lie prevention of using financial systems form money laundering purposes. The developments on national and international levels show the reality that the vast majority of analysts and officers in the state and legislative administration realizes that the political and practical disadvantages of a limited approach in dealing with money laundering. In a global context. most sophisticated methods of money laundering five a justification for international cooperation, which also allows a state to put oil trial an individual for taking part in money laundering even if it took place outside of the home country. One of the most important organizations in this regard is the special agent for financial operations (FATF). FATE has been established oil the meeting of the head of states and governments of seven industrialized countries (G7) together with [lie president of the European Commission in July 1989 in Paris. Front that oil the number of member countries grew to 26 member countries of OECD. other countries With significant share in world finance, members of the European Commission and [lie Council for cooperation of the Gulf region. Thanks to its enormous contribution, the publication of the 40(th) proposal in the report in February 1990. FATE became [lie most important international organization front the viewpoint of policy formulation for the fight against money laundering and the mobilization of global knowledge in relation to the complexity of the problem in bringing down this sophisticated form of criminality. In spite of this initiative it is necessary, to say that the scale and methods of using lie legislation and rules against motley laundering is different from country to country. The rules against money laundering in sonic countries include only money carried front the activities related to illegal trade with drugs. Others arc also related to other even more serious forms of criminal activities, that include financial criminal activities in their legislation measures on money laundering. Based oil this, the preventive system that impacts oil the bank may more or less be classified as follows: - the system of announcing the sire of transaction. - the system of announcing of a suspicious transaction, - hybrid system. In the other part of the article we analyse the systems of sonic economically developed states, which have established organs for the fight against money laundering: In the United States. there are six organizations operating under the umbrella of the ministry of interior that are dealing with financial criminal activity (FinCEN). The objective of FinCEN is mainly to gathering, analysing and disseminating information about financial criminal activities. In Great Britain, there is no clear system for information between financial institutions. which could create a uniform front for the fight against money laundering. A responsible individual who is employed in a financial institution may advance information regarding his knowledge or suspicion only under the framework of existing laws and lie is not allowed to advance any information to his colleagues nor his acquaintances in outer financial institutions. In Spain, the law 19/1993 states that all institutions, which are undertaking such transactions must identify not only their customers on time of the establishment the trade relationship but also all their customers. who wish to undertake a multiple transaction with the exception of transactions that have a specific nature by law. In Italy, the identification and evidence obligations must be fulfilled in the following cases: - transfer of cash or securities for holders in the total amount higher than 20 mil. Lira (now equivalent in Euro). - The separation of cash transfer of securities for a holder in the total amount that is higher than 20 mil Lira. - Opening of account. deposit or other trade relationship with the mediator. Under such circumstances, the data that are linked to the interested parties should be oil personal basis. In France, bases oil the law No.90-614 on money laundering in June 12. 1990. financial institutions must identify all the bearers of an account before they opened the account or opportunistic clients. who demand whatever transactions that surpasses the Amount 55 000 French Frank or who simply demand for (lie opening safety box, In Slovakia the financial secret agent (FIU) was created in 1996 with the aim of gathering and processing the declaration regarding unusual trade transactions (until 31. December 2000 only with declaration of unusual banking operations). The main objective is to detect any potential money laundering activities and eventually transfering the matter to (lie police for proving. putting oil trial or arresting. The Slovak FIU is [lie active member of the Egmont Group, Until the present date. FIU received more than 1 300 declaration of which 7 per cent was used for putting on trial. In general, it is possible to conclude that regardless of the kind of system ratified by whichever country, there are common procedures and experiences: customer identification. respect for law. and cooperation with a repressing organs, gathering of evidences and the storage of registration in transaction and the training of the personnel for the simplification of processing and declaration of suspicious transactions that are ill line with the law and regulations of the given country.
