Regulatory Alerts2002-11-01 | Advisory Withdrawal - Issue 20AAdded
Transactions Involving Marshall Islands (Advisory Withdrawal - Issue 20A)
The Financial Crimes Enforcement Network withdraws Advisory 20, which previously mandated enhanced scrutiny for transactions involving the Marshall Islands. This withdrawal follows the Marshall Islands' enactment of significant counter-money laundering reforms and its removal from the Financial Action Task Force's list of non-cooperative jurisdictions. Financial institutions operating in the United States are no longer required to apply the specific enhanced scrutiny measures outlined in the withdrawn advisory. However, institutions remain obligated to report suspicious activity and comply with all other applicable laws and regulations.
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