Money Laundering, Terrorism & Financial Institutions
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USA PATRIOT ACT MONITOR NEWS RELEASES

USA PATRIOT Act Monitor News Release: FATF Warns of Fraud
3/26/2003 5:26:16 PM Eastern Standard Time

The Financial Action Task Force has issued a fraud warning. Apparently, some persons wishing to make international transfers of funds receive contact from a group claiming to be, or represent, the FATF. The group advises that before the prospective transaction can be conducted, there must be a verification of the origin of the funds, and if none is obtained from FATF, the funds will be blocked. FATF warns that it does not provide such a service, nor does it request fees or have the capacity to block any account. Persons in the U.S. encountering this fraud should report it to law enforcement authorities or use a federal regulatory hotline.


 

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