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After considering the transformation of organised crime since the 1960s, the paper summarises the political and economic conditions in the Soviet Union which encouraged the spread of organised crime. It then considers the example provided by the development of the ‘black economy’ in Hungary, the current position of organised crime in the Russian Federation and the comparative ineffectiveness of countermeasures against financial crime in central Europe. The paper concludes that, especially in the light of UK legislation and the EC Directive on money laundering, UK‐based companies and financial institutions need to exercise the utmost vigilance in their transaction recording and reporting.

AN ESTEEMED correspondent points out that there are about two dozen library magazines of all sorts and sizes in circulation, whereas when he started his career there were no more than three. Our correspondent has himself had considerable editorial experience, and it may be that he is still in harness in that regard. One of his earliest efforts was in running the magazine of the old Library Assistants' Association, and it is not likely that that magazine has ever reached the same heights of excellence as it attained in his day. He observes that there are far too many library magazines now in circulation. We agree.

The purpose of this paper is to investigate the strategic intelligence oversights with regards to the funding of terrorism.

The paper considers the modus operandi of terrorist financing, and how and how speedily or otherwise they were identified, and the international and national anti‐terrorist financing measure implemented post 9/11.

The paper concludes that there were (and still are) strategic oversights, delays and distractions by government law enforcement and financial regulatory agencies in combating terrorist financing.

The paper suggests there should be more proactive exchange of intelligence by law enforcement and financial regulatory agencies in combating financing of terrorism.

The added value is lessons learned in international efforts against financing of terrorism.

Contracts and markets have been crucial to the process of reinventing the public service in Britain which began a decade ago and is still in full flow. In this process the concept of contract is important as much as the basis of a new rhetoric and as a metaphor as it is as a formal legal mechanism. Relationships between different actors at all levels of government and outside it are being reconceptualised; and the metaphor of contract provides an ideal form which can be readily adapted to a whole range of situations and relationships.

The purpose of this paper is to analyse the banking systems in Western, and Central and Southeastern Europe, focusing on the interactive factors of anti‐money laundering, transitional economies and the underground illicit economy.

Provides a comparative analysis of the banking systems in Western, and Central and Southeastern Europe.

The transition economies of central and Southeastern Europe face, and have been confronted for over a generation by, the interlinked problems of the transition stage post‐1989, the alternative or illegal economy, and the vulnerability of banking systems to money laundering. In contrast, by the 1990s, Western European central banks have become established as an essential government organ in macro‐economic policies.

Suggests an interesting lesson that might be gained from the experiences of central and Southeastern Europe and anti‐money laundering since the late‐1990s, where a national bank or central bank has not been essential, indeed has been comparatively unimportant, compared to the developed banking system led by the individual banks.

COMPANIES ARE BEING urged by Trevor Skeet, chairman of the Tory MPs' Trade Committee, to install their own electricity generating plants to thwart militants in the power supply industry and save cash in the long run.

Examines the way the public sector and public management evolved in the UK over the last two decades of the twentieth century. Concentrates on the period between 1979 to 1997 when the UK had a succession of Conservative governments, when there was a kind of “arms race” of escalating rhetoric between the right and the left. Attempts to present a balanced account of what actually happened to the UK’s public sector in general. Concludes that public services are still a very large proportion of national life, and that they have not qualitatively altered the share of national resources they consume, the numbers of people they employ or the range of services they offer.

The British Steel Corporation, desperately trying to get beneath its estimated £100 million loss for this financial year, is likely to press for a swingeing price rise when the CBI's initiative ends in July—on top of the 5% increase already announced for next April.

Sighs of relief in the Cabinet. Edward Heath has told his Top Team that they are safe from the axe, barring accidents, for at least another year. The Prime Minister, operating under the dictum that his ministers must be given time to achieve results in their departments, has decided against a major Cabinet re‐shuffle until the end of the Conservatives' second parliamentary session—the autumn of 1972.