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[John Young <jya@pipeline.com>]

   FiTi reports on a Lisbon money laundering conference:

   4-23-96: "Long arm of US law threatens business."

      The extra-territorial reach of US law poses a growing
      threat to non-US companies doing business, even
      indirectly, with that country, an expert on money
      laundering said yesterday. Mr Rowan Bosworth-Davies told
      a conference in Lisbon that US courts had been
      "consistent in concluding that US law enforcement
      interests outweigh a foreign nation's interests in
      preserving the confidentiality of its banking or its
      business records".

   4-24-96: "US prosecutor attacks bank secrecy laws."

      A US federal prosecutor yesterday told banks that they
      are no better than prostitutes if they transmit money
      without knowing their customers or the purpose of the
      transaction. Mr John Moscow said: "The ancient concept
      that bank secrecy must be preserved to keep a
      gentleman's financial affairs confidential -- dating
      back to the days when only gentlemen had cheque
      accounts, and their servants did not -- must give way to
      the current reality.

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