Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 16Added
Transactions Involving Dominica (FinCEN Advisory - Issue 16)
Banks and other financial institutions operating in the United States are advised to give enhanced scrutiny to all financial transactions originating in or routed to or through the Commonwealth of Dominica, or involving entities organized or domiciled, or persons maintaining accounts, in Dominica. This guidance follows the identification of serious systemic deficiencies in Dominica's counter-money laundering regime, including the lack of effective supervision for offshore banks and the allowance of anonymous accounts. Financial institutions subject to suspicious transaction reporting rules under 31 C.F.R. 103.18 should carefully examine transactions of $5,000 or more in U.S. dollar equivalent to determine if reporting is required. The Treasury Department considers any report relating to such transactions to constitute a report of a suspicious transaction, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).