Regulatory Alerts2016-02-19
Added
Withdrawal of Finding and Notice of Proposed Rulemaking Regarding Liberty Reserve S.A.
FinCEN withdraws its finding that Liberty Reserve S.A. is a financial institution of primary money laundering concern and the related notice of proposed rulemaking seeking to impose the fifth special measure under Section 311 of the USA PATRIOT Act. This withdrawal is effective as of February 24, 2016, following material subsequent developments that mitigated the associated money laundering risks. Specifically, Liberty Reserve ceased to function as a financial institution after the Department of Justice charged its principals, seized domain names, and restricted related bank accounts.