Winnipeg Free Press Newspaper Archives Apr 20 1990, Page 25

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Winnipeg Free Press (Newspaper) - April 20, 1990, Winnipeg, Manitoba free of of april Bank Laws urged to Stop drug Cash Paris route Ftp the cloak of banking secrecy should be lifted As part of worldwide efforts to curb the laundering of an estimated billion us a year in drug a report by 15 Western countries said the report was commissioned by a Summit of the seven leading Indus trial democracies in Paris last year and will be followed up at this years Summit in Houston in the main recommendations of the issued by the French finance Are aimed at making Banks responsible for checking the identity of their clients and report ing to the authorities any suspicious transfers of the aim is Clear to make Money laundering As difficult and danger Ous As possible and to allow the financial professions to go about their Job without fear of being used for criminal finance minis Ter Pierre Bergovoy he said the French Cabinet will discuss a Bill on May 9 to tackle what he called the Scourge of scandalous drug Laws that meet the study recommendations have already been passed in Britain and the United Broad Range the Canadian government has announced plans to pass a Law to Force financial institutions and other businesses to keep sufficient records so police can detect Money laundering Junior finance minister Gilles Loi Selle said last month the Legisla Tion must extend to a Broad Range of not just Trust companies and other financial inst the report was agreed to by the group of seven the United West France and Canada also by Luxembourg and Switzer which have jealously guarded their banking secrets in the the nether Spain and Sweden also signed the which contains 40 recommendations covering improvements to National Legal reinforce ment of banking controls and closer International the report estimates that sales of heroin and marijuana fetch billion a year in the United states and of 50 to 70 per or billion a could be available for laundering or in it Bankers say the requirement to disclose suspicious movements of Money could prove costly with thousands of Large transactions Tak ing place difficult to simple officials said Banks would not be expected to act As police but the report said the group disa greed Over just How much latitude Banks should have in deciding whether to pass along their sushi it recommended that each country pass Laws to protect financial institutions and their employees from any civil or criminal liability if they break confidentiality this Protection should be granted even if it turns out that the activities to which the authorities Are alerted prove Britain Grants full citizenship to Hong Kong residents London Reuter the Brit ish parliament voted yesterday in favor of a controversial Bill to Grant full citizenship to up to Hong Kong de spite rebellion in the governing conservative party the Bill was passed with a comfortable majority 97 votes after a bitter debate in in a significant Victory for prime minister Margaret thatchers government which was facing possible defeat Over the pack the five clause approved by a vote of will give right of residency in Britain to Heads of household and their families in Advance of Hong Kongs handover to China in former conservative party chairman Norman Tebbit led the revolt by some 80 tories who wanted the Bill thrown out on the grounds it contradicts the party commitment to tighten immigration in an angry speech to a packed House of Tebbit said the Bill could damage the govern ment and Stoke racial tonight there Are two groups of the government and the labor who Are intent on breaking their election commit i am intent on keeping Tebbit he blamed the outcome on the opposition labor labor had said it would oppose the Bill but Many of its members abstained in the buy a91 Gumc or Chevy compact pickup and get financing or cashback Why Settle for a Good Deal on this years when we will give you a great Deal on next years models financing now on 91s Over 4 there Are Many other in see your dealer for and Start get Ting ahead of featured vehicle including Cash of featured vehicle including Cash Chevy s10 Gumc Sonoma regular cabs now from including Cash these offers May not be combined offers apply to new and unused and demonstrator 1991 and prior year models of Chevy s10 or Gumc Sonoma compact pickups purchased from dealer limited time offer starts april the buyer will be responsible for the payment of applicable taxes License and freight charges at the time of the offers include dealer financing offer available with no limit on the amount to qualified retail buyers finance through Mac on a maximum 48 12 month contract example for financed Over 48 months at the monthly payment is the Cost of borrowing is and the total amount to be repaid is 18 573 60 assuming a rebate of As the alternative should you choose the reduced financing legislation requires that the amount of the rebate must be included in the Cost of in order to arrive at an effective interest n the exam de Given the effective interest rate would be 13 02 and the total Cost of including the rebate not would be for 1991 2wheel drive Chevy s10 and Gumc Sonoma models including Cash Back Start at 750 should you choose 10 9 financing rather than the Cash the will be the on the Long Box Chevy s10 shown is on the Durango Model with Isa marketing credit r7g marketing credit of available when ordering cassette Power steering and sliding rear window on a yc1 Model and Cash Back excluding the Cash Back is taxes and licence not included dealer May sell for less tithe m s r of the Gumc Sonoma shown is on the High Sierra Model with Isa marketing credit r7g marketing credit of available when ordering cassette sliding rear Power steering and 5speed transmission on the yc1 Model and Cash Back is excluding the Cash Back is taxes and licence not dealer May sell for

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