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News Releases
10/30/2004 USA PATRIOT Act Monitor News Release: FATF Adds
Ninth Special Recommendation
A ninth Special Recommendation has been added to the previous eight, this one
having to do with cash couriers, by the Financial Action Task Force. Special
Recommendation IX also applies to bearer negotiable instruments, but does not
apply to gold, precious metals, or precious stones, though an Interpretive Note
accompanying the Recommendation acknowledges that these items also have high
liquidity and present some of the same problems. The Interpretive Note indicates
that countries may meet their obligations under the Recommendation with either
a declaration system or a disclosure system. Under a declaration system, anyone
making a physical cross-border transportation of currency or bearer negotiable
instruments must make a declaration regarding them if the amount being carried
exceeds a threshold of EUR/USD 15,000 (or some other amount sufficiently low
to meet the objectives of the Recommendation). Under a disclosure system, persons
are to make a disclosure of the items being carried on request from designated
competent authorities. The Special Recommendation and the Interpretive Note
will be the subject of detailed analysis in the November issue of the Monitor.
USA PATRIOT ACT MONITOR is published by Civic Research Institute, Inc., 4478 U.S. Route 27, P.O. Box 585, Kingston, NJ 08528, 609-683-4450, info@civicresearchinstitute.com, as an update service for Money Laundering, Terrorism and Financial Institutions: Law · Regulation · Compliance · USA PATRIOT Act Monitor © 2004 Civic Research Institute, Inc. All rights reserved. Unauthorized copying expressly prohibited. The information in this publication is not intended to replace the services of a trained legal professional. Neither the editors, nor the contributors, nor Civic Research Institute, Inc. are by this publication engaged in rendering legal, accounting, or other professional services. The editors, contributors, and Civic Research Institute, Inc., specifically disclaim any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use or application of the contents of this publication.