FinCEN Advisory: Transactions Involving St. Kitts and Nevis, July 2000, Issue 26   [open pdf - 217KB]

The FinCEN Advisory "...is a recurring series designed for the financial, regulatory and law enforcement communities. Subsequent advisories will describe trends and developments related to money laundering and financial crime." In this issue of FinCEN: "Banks and other financial institutions operating in the United States are advised to give enhanced scrutiny to all financial transactions originating in or routed to or through the Federation of St. Kitts and Nevis, or involving entities organized or domiciled, or persons maintaining accounts, in St. Kitts and Nevis. The need for such enhanced scrutiny is discussed in the remainder of this Advisory. St. Kitts and Nevis is a federation composed of two islands located in the Caribbean Sea. The population of the islands is approximately 40,000. Most of the financial activity in the Federation is concentrated in Nevis, whose economy has become increasingly dependent upon the fees generated by the registration of offshore banks. More than 9,000 offshore companies are registered in Nevis alone; there appears to be no bar under St. Kitts and Nevis law to these companies conducting a banking business outside of the Federation."

Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
Media Type:
FinCEN Advisory (July 2000), iss.26
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