Regulatory Alerts2003-05-01 | Advisory Withdrawal - Issue 2WAdded
Transactions Involving The Seychelles (Advisory Withdrawal - Issue 2W)
FinCEN withdraws Advisory 2 regarding the Republic of Seychelles because the Republic repealed the 1995 Economic Development Act, which previously facilitated money laundering and provided special protections for individuals investing at least $10 million. This repeal has led the Financial Action Task Force to withdraw its 1996 warning, making the enhanced scrutiny previously called for in Advisory 2 no longer necessary. The withdrawal does not relieve banks and other financial institutions of their ongoing obligations to report suspicious activity or comply with other applicable laws.
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