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DATE=7/1/98 TYPE=CORRESPONDENT REPORT NUMBER=2-234870 TITLE=MONEY LAUNDERING (L ONLY) BYLINE=GEORGE MEEK DATELINE=RIO DE JANEIRO CONTENT= VOICED AT: * INTRO: AN INTERNATIONAL COALITION TO COMBAT CONCEALMENT OF PROFITS FROM DRUG TRAFFICKING -- THE EGMONT GROUP -- HAS ENDED TWO DAYS OF TALKS IN BUENOS AIRES (ARGENTINA) WITH A CALL FOR ESTABLISHMENT OF FINANCIAL INTELLIGENCE UNITS IN MORE COUNTRIES. WE HAVE DETAILS FROM V-O-A'S CORRESPONDENT GEORGE MEEK IN OUR SOUTH AMERICA BUREAU. TEXT: THE EGMONT GROUP CELEBRATED THE RECENT ESTABLISHMENT OF FINANCIAL INTELLIGENCE UNITS IN PARAGUAY, TURKEY, CYPRUS, AND TAIWAN. THE GROUP SAYS THERE ARE NOW 38 OF THESE UNITS, AND MORE ARE NEEDED. SPAIN WILL HEAD A WORKING GROUP TO TRY TO ESTABLISH THEM. THE FINANCIAL INTELLIGENCE UNITS, LIKE THE U-S FINANCIAL CRIMES ENFORCEMENT NETWORK, GATHER INFORMATION ON SUSPICIOUS MONEY TRANSFERS AND PASS IT ON TO AUTHORITIES FOR INVESTIGATION AND PROSECUTION IF APPROPRIATE. THE EGMONT GROUP WOULD LIKE TO SEE MORE SHARING OF INFORMATION AMONG THE UNITS. ARGENTINA, THE HOST FOR THE EGMONT GROUP MEETING, DOES NOT YET HAVE A FINANCIAL INTELLIGENCE UNIT. THE GOVERNMENT IS PROPOSING LEGISLATION TO ESTABLISH ONE, WHICH WOULD REQUIRE COURT AUTHORITY TO ACT. ARGENTINE BANKERS CRITICIZE THE PROPOSAL, SAYING IT WOULD GIVE TOO MUCH SNOOPING POWER TO THE INTELLIGENCE UNIT. THE EGMONT GROUP -- NAMED AFTER THE CHATEAU IN BELGIUM WHERE IT STARTED -- WAS HOLDING ITS SIXTH ANNUAL MEETING IN BUENOS AIRES. IT WAS THE GROUP'S FIRST MEETING IN LATIN AMERICA. IN OCTOBER BUENOS AIRES WILL HOST THE ANNUAL MEETING OF THE WORKING GROUP ON MONEY-LAUNDERING OF THE INTER-AMERICAN COMMISSION AGAINST DRUG ABUSE, AN AGENCY OF THE ORGANIZATION OF AMERICAN STATES.(SIGNED) NEB/GM/PT 01-Jul-98 5:08 PM EDT (2108 UTC) NNNN Source: Voice of America .