Withdrawal of FinCEN Advisory Issue 27 Regarding Transactions Involving St. Vincent and the Grenadines

United States Department of the Treasury Financial Crimes Enforcement Network Subject:
Transactions
Involving St.
Vincent and the
Grenadines
Date:
July 2003
Advisory:
Issue 27W
FinCEN Advisory
WITHDRAWAL
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 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Financial Crimes Enforcement Network (FinCEN) Advisory Issue 27, regarding St. Vincent and the Grenadines, is hereby withdrawn. Since the issuance of Advisory 27, St. Vincent and the Grenadines has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 27, and has taken concrete steps to bring these reforms into effect. Because of the enactment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving St. Vincent and the Grenadines, as called for in Advisory 27, is no longer necessary. St. Vincent and the Grenadines now has in place a counter-money laundering system that generally meets international standards, as reflected in the June 20, 2003, decision of the Financial Action Task Force on Money Laundering to remove St. Vincent and the Grenadines from its list of countries that are non-cooperative in the fight against money laundering. The withdrawal of Advisory 27 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.