Regulatory Alerts2000-07-01 | FinCEN Advisory - Issue 22Added
Transactions Involving Niue (FinCEN Advisory - Issue 22)
Banks and other financial institutions operating in the United States are advised to give enhanced scrutiny to all financial transactions originating in, routed to, or through Niue, or involving entities organized or domiciled, or persons maintaining accounts, in Niue. This guidance follows the identification of serious systemic deficiencies in Niue's counter-money laundering regime, including the lack of ongoing supervision of offshore banks, the allowance of anonymous accounts, and strict secrecy laws for International Business Companies. 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 relevant to a possible violation of law, providing protection from liability under 31 U.S.C. 5318(g)(2) and (g)(3).