The program to train financial regulators and bank officials in detecting and foiling asset laundering schemes will be carried out by the Inter-American Drug Abuse Control Commission (CICAD), an autonomous agency of the Organization of American States. IDB President Enrique V. Iglesias and OAS Secretary General César Gaviria signed the grant on Sept. 29.

CICAD plans to hire consultants to design and implement a training program for instructors in up to five countries that already have strong anti-money laundering laws on the books. Money laundering is a term used to describe financial maneuvers aimed at concealing the illicit origin of funds, such as the proceeds of drug trafficking and other crimes.

Building on previous bilateral and multilateral efforts, the regional program will seek to establish quality standards for anti-money laundering training. It will also promote cooperation on money laundering prevention among financial regulators, banks and banking associations in different countries.

Training will be carried out in the use of new technology that has proved to be highly successful in anti-money laundering programs carried out in the United States, Colombia and other countries. Other materials, including video, CD-ROM and computer software, will also be used as a cost-effective way to standardize and perpetuate the program.

The program, which grew out of the Summit of the Americas' plan of action, will turn out some 250 certified instructors.