Transactions Involving St. Kitts & Nevis (Advisory Withdrawal - Issue 26A)

This Advisory is being issued to inform banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 26, regarding the Federation of St. Kitts and Nevis, is hereby withdrawn. Since the issuance of Advisory 26, St. Kitts and Nevis has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 26, and has taken concrete steps to bring these reforms into effect. Because of the enactment of new laws and the beginning of effective implementa￾tion, enhanced scrutiny with respect to transactions involving St. Kitts and Nevis, as called for in Advisory 26, is no longer necessary. St. Kitts and Nevis now has in place a counter-money laundering system that generally meets international stan￾dards, as reflected in the June 21, 2002 decision of the Financial Action Task Force on Money Laundering to remove St. Kitts and Nevis from its list of coun￾tries that are non-cooperative in the fight against money laundering. The withdrawal of Advisory 26 does not relieve institutions of their pre-existing and on-going obligation to report suspicious activity, as set forth in regulations issued by FinCEN and by the federal bank supervisory agencies, as well as their obligation to comply with all other applicable provisions of law. FinCEN Advisory Subject:
Transactions
Involving
St. Kitts
&
Nevis
Date:
July 2002
Advisory:
Issue 26A
United States Department of the Treasury
Financial Crimes Enforcement Network
FinCEN Advisory is a product of the Financial Crimes Enforcement Network, Department of the Treasury, Post Office Box 39, Vienna, Virginia 22183. For more information about FinCEN’s programs, visit the FinCEN web site at http://www.fincen.gov. General questions or comments regarding FinCEN publications should be addressed to the Office of Communications, FinCEN, (703) 905-3773. Information may also be faxed to (703) 905-3885. James F. Sloan Director WITHDRAWAL