Regulatory Alerts2004-08-24
Added
Imposition of Special Measure Against Infobank as a Financial Institution of Primary Money Laundering Concern
FinCEN proposes to impose a special measure against Infobank, a financial institution of primary money laundering concern, by prohibiting or conditioning the opening or maintaining of correspondent or payable-through accounts by domestic financial institutions. This action targets Infobank, a Belarus-based bank, due to findings that it facilitated money laundering for the former Iraqi regime and engaged in illicit arms trade. The notice of proposed rulemaking invites written comments on or before September 23, 2004.