ABSTRACT

FinCEN Advisory: Transactions Involving the Cook Islands, April 2005, Issue 15W [Withdrawal]   [open pdf - 491KB]

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: "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States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 15, regarding the Cook Islands, is hereby withdrawn. Since the issuance of Advisory 15, the Cook Islands has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 15, 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 the Cook Islands, as called for in Advisory 15, is no longer necessary. The Cook Islands now has in place a counter-money laundering system that generally meets international standards, as reflected in the February 11, 2005, decision of the Financial Action Task Force on Money Laundering to remove the Cook Islands from its list of countries that are noncooperative in the fight against money laundering."

Publisher:
Date:
2005-04
Copyright:
Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
Format:
pdf
Media Type:
application/pdf
Source:
FinCEN Advisory (April 2005), iss.15W
URL:
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