FinCEN Advisory: Transactions Involving the Cayman Islands, June 2001, Issue 14A [Withdrawal] [open pdf - 162KB]
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United States that Financial Crimes Enforcement Network (FinCEN) Advisory 14, regarding the Cayman Islands, is hereby withdrawn. Since the issuance of Advisory 14, the Cayman Islands has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 14, 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 Cayman Islands, as called for in Advisory 14, is no longer necessary. The Cayman Islands now has in place a counter-money laundering system that generally meets international standards, as reflected in the recent decision of the Financial Action Task Force on Money Laundering to remove the Cayman Islands from its list of countries that are non-cooperative in the fight against money laundering."
Financial Crimes Enforcement Network: http://www.fincen.gov
FinCEN Advisory (June 2001), iss.14A