Reply #56: Banks urged to expose child porn money trails [View All]

[Ghost Dog]

The Observer, Sunday November 9 2008 European banks are under pressure to crack down on the owners of child pornography websites, following a legal breakthrough that has enabled international enforcement agencies to identify those who profit from them.

A meeting in Brussels next month will see child protection agencies and lawyers attempt to persuade the European Banking Federation and law enforcement agencies to form a financial coalition to combat what is a $2bn industry.

The meeting comes after 100 lawyers from Allen & Overy spent the past year developing a framework to circumvent data protection regulations, bank secrecy codes, criminal legislation and contract law across the EU. Until now, it has been virtually impossible for investigators to follow money trails leading to the successful prosecution of the financiers of child porn sites.

The lawyers, led by Allen & Overy managing partner Wim Dejonghe, all worked for free on the project. Dejonghe said lawyers were now attempting to create similar frameworks in Asia.

/... http://www.guardian.co.uk/business/2008/nov/09/child-porn-money-trials

... And let's hope America and elsewhere can see their way to follow suit ...