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From September 1 1997, under Decree 153 of May 26 1997, the procedure for informing the authorities of suspected money-laundering transactions has changed. Transactions which may infringe the provisions of Articles 648 bis and ter of the Penal Code must now be reported to the Italian Foreign Exchange Bureau (IFEB) rather than to the police. In accordance with its new administrative role, the IFEB issued a circular letter setting out the basic guidelines for anti-laundering procedures. The circular lays down the criteria by which suspect banking transactions may be identified, such as discrepancies between the character of transaction and the client's financial profile, or its acceptance of inconvenient terms and rates. After being notified of the suspect transaction, the IFEB must forward the relevant evidence to the investigating Anti-Mafia Bureau and to the Tax Police special department dealing with with foreign currency matters, which will pursue the investigation further on the basis of the information received. Should the investigation uncover a link with organized crime, the National Anti-Mafia Procurator will be informed and he will take appropriate steps. To comply with the new anti-laundering provisions, the IFEB has prepared a standard form for financial services firms. In particular, details of the transaction and the reasons for it being considered suspicious must be provided, thus putting the burden of assessing each transaction on the financial operator.

The Danish government is to submit the Amsterdam Treaty to a public referendum. Under the Danish constitution, a public referendum is required in all cases where 'sovereignty' (as the term is used in the constitution) is or could be transferred from the Danish state to another body. At the opening of the Danish parliamentary session in the first week of October, the referendum was scheduled for May 28 1998. The latest polls indicate that most voters are in favour of the Treaty. If the public votes for the Treaty, it will subsequently be ratified by the Danish parliament.

Because Swedish statutory provisions on guarantees date from 1734, court practice has a decisive influence on guarantees under Swedish law.

The Russian government has enacted ambitious new legislation designed to strengthen the enforcement of judicial orders. The new rules are to apply to orders issued by all Russian general courts, the Constitutional Court, the Supreme Court, the High Arbitration Court, all arbitration courts and foreign courts, as well as orders of certain other government bodies. At present, Russia's Civil Procedural Code, and the procedural rules of the various court systems, govern enforcement procedures, including the conversion and seizure of property to satisfy court judgments. In the emerging Russian market economy, identifying, seizing, and converting assets under a court order is often tedious, time-consuming and expensive. Results vary widely. Officials themselves concede that enforcement practices are weak. The new legislation seeks to address these problems by enforcing compliance with court orders and government decisions and clamping down on delinquent debtors.

New and important amendments to the Portuguese Companies Law were enacted at the beginning of this year through Decree-Law 257/96 of December 31. One of the most important changes is that from now on it is possible to set up a limited liability company (sociedade por quotas) with a sole shareholder, individual or corporation owning the entire share capital. Hitherto one-person limited liability companies have only been permitted offshore in Madeira and the Azores.

Three years after the Uruguay round of Gatt, the Czech Republic, a party to Gatt and a member of the WTO, has adopted national legislation in line with the agreement on the implementation of Article 6 of Gatt signed in Marrakesh on April 15 1994.

US firm Baker & McKenzie has worked on more project finance deals this year than any other firm. The figures, published in Privatisation International, include infrastructure deals for 1996 and 1997. The value of projects reported this year rose to US$1.6 trillion.

US firms Shearman & Sterling and Sullivan Cromwell are advising on the flotation of a UK telecommunications company Energis, a subsidiary of UK electricity distributor National Grid. The company is expected to come to the market in December with a market capitalization of £1 billion (US$1.62 billion). London firms Slaughter and May and Cameron McKenna are advising on UK law.

Lawyers have again enjoyed the benefits of a successful world economy. Capital markets deals and international investment are at record levels, and lawyers are taking their share. But clients are increasingly demanding they justify their charges. By Adrian Preston

The German government is set to sell its remaining stake in Lufthansa, the national airline, in an offering which will raise Dm4.7 billion (US$2.65 billion). The sale amounts to 37.5% of Lufthansa's shares. The shares are held by the government and the state-owned Credit Agency for Reconstruction (KfW).