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Office of Foreign Assets Control Provides Best Practices for Bank Compliance  


Author:  Staff Editors.


Source: Volume 19, Number 06, July/August 2006 , pp.61-64(4)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

In “Economic Sanctions Enforcement Procedures for Banking Institutions,” the Office of Foreign Assets Control (OFAC) has provided interim final rules superseding proposed rules issued in 2003 to the extent those proposed rules applied to banking institutions. OFAC solicits comments on the interim final rule so that it might “make improvements in its enforcement procedures in the future.”

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