• petak, 25 jul 2025

Conversion or money laundering

Conversion or money laundering
The struggle on the issue who would get foreign currency that lies "under the pillows" in Yugoslavia, and which have to be converted in Euro in the following months has entered the new phase and acquired an international character. After the National Bank of Yugoslavia (NBJ) has announced that at the process of conversion of DEM into Euro, the origin of the foreign currency would not be investigated, Austrian bankers raised their voices, states the agency SENSE. They see this move of NBJ as "thoughtless move, with which they want to attract as much clients as possible, who would, after conversion of DEM into Euro, leave their money in the bank in newly opened giro-accounts and saving accounts". The intentions of Yugoslav bankers are understandable, say the Austrians, but what is not understandable, they say, is the fact that this is the case of "very touchy and very dangerous games". In Vienna they hope that international organizations could influence the change of this decision of NBJ. To be exact, Organization for economic cooperation and development (OECD) and its department for struggle against money laundering (FATF). "If OECD estimates that the decision of NBJ supports money laundering or anything similar, FR Yugoslavia would be in serious problems," said a reliable source from banking circles from Vienna. OECD is, as he said, so powerful that all aid to FRY can depend on its decision. Austrians know what they are talking about, since that organization has recently suddenly and rigorously forbidden keeping of anonymous saving and giro-accounts in the banks of Austria in order to prevent money laundering. When asked whether it could be intended money laundering, the expert of the Institute for international relations from Vienna, Vasily Astrov, said that the decision of NBJ "was a bit odd". "Everywhere in the world it is normal that in situations like this the origin of the money is investigated. However, it would be too rough to talk about intended money laundering," said Astrov. The experts of the Institute in Vienna are of the opinion that with this move, NBJ wants to draw citizens who own foreign currency and to persuade them to leave their money in that bank after conversion of DEM into Euro. That could be the reason for anxiety of Austrian banks, states the Institute, particularly those that have representative offices in FR Yugoslavia. Namely, they have recently stated that they wanted to persuade "Balkan clients" to keep their "under-pillow foreign currency" on giro-accounts of "reliable Austrian banks". Spokesman of such a bank said for SENSE that it is one of the most important aims in the Balkans and that it would be superfluous to state how much they would be satisfied with that. And, there would be reason for satisfaction and joy, since experts estimate that, when the quantity of foreign currency "under Balkan pillows" is discussed, the billions are involved.