Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute, civicresearchinstitute.com
 
USA PATRIOT ACT MONITOR NEWS RELEASES

USA PATRIOT Act Monitor News Release: Dominica and Granada Advisories
4/29/2003 11:56:47 AM Eastern Daylight Time

FinCEN has withdrawn Advisory Issue 16, which had required banks and other financial institutions operating in the U.S. to give enhanced scrutiny to financial transactions originating or routed to or through the Commonwealth of Dominica. (Advisories are posted at www.fincen.gov/pub_main.html.) That Advisory also required enhanced scrutiny concerning entities organized or domiciled, or persons maintaining accounts, in Dominica. Advisory Issue 16A indicates that the withdrawal is justified because Dominica has enacted significant reforms to its counter-money laundering system, which system now "generally meets international standards." FinCEN has also withdrawn enhanced scrutiny requirements regarding Granada, in Advisories 31 and 31A respectively.


 

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