Regulatory Alerts2003-11-25
Added
Imposition of Special Measures Against Burma as a Jurisdiction of Primary Money Laundering Concern
The Secretary of the Treasury has designated Burma as a jurisdiction of primary money laundering concern and proposes imposing special measures under 31 U.S.C. 5318A. The proposed rule would generally prohibit certain U.S. financial institutions from establishing, maintaining, administering, or managing correspondent or payable-through accounts in the United States for, or on behalf of, Burmese financial institutions. This prohibition applies unless the account operation is not prohibited by Executive Order 13310 and the transactions are solely those exempt from or licensed pursuant to that Order. Written comments on this proposed rulemaking must be submitted on or before December 26, 2003.