Financial Crimes Enforcement Network June 3, 2016 – Federal Register Recent Federal Regulation Documents

Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
Document Number: 2016-13037
Type: Proposed Rule
Date: 2016-06-03
Agency: Department of the Treasury, Financial Crimes Enforcement Network
In a finding, notice of which was published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that the Democratic People's Republic of Korea (``North Korea'') is a jurisdiction of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (``NPRM'') to propose to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution and to prohibit the use of foreign banking institutions' correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions.
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