Regulatory Alerts2002-11-01 | Advisory Withdrawal - Issue 24WAdded · Updated
Transactions Involving the Philippines (Advisory Withdrawal - Issue 24W)
FinCEN Advisory Issue 24, concerning the Philippines, is withdrawn for banks and other financial institutions operating in the United States. This withdrawal is due to the Philippines enacting significant reforms to its counter-money laundering system and taking concrete steps for implementation, making enhanced scrutiny for transactions involving the Philippines no longer necessary. The Philippines now generally meets international standards, as reflected by its removal from the Financial Action Task Force on Money Laundering's list of noncooperative countries on February 11, 2005. Institutions retain their preexisting obligation to report suspicious activity and comply with all other applicable provisions of law.
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