Us treasury_ infobanknprm _ money laundering _ patriot act money laundering regulations

Us treasury_ infobanknprm _ money laundering _ patriot act money laundering regulations

, factors and consultation requirements, for selecting the imposition of specific special measures against the primary money laundering concern. Taken as a whole, section 311 provides the secretary with a range of options that can be adapted to target specific money laundering and terrorist financing concerns most effectively. These options give the secretary the authority to bring additional and useful pressure on those jurisdictions and institutions that pose money laundering threats. Through the imposition of various special measures, the secretary can gain more information about the concerned jurisdictions, institutions, transactions, and accounts; can more effectively monitor the respective jurisdictions, institutions, transactions, and accounts; and/or can protect U.S.

Financial institutions from involvement with jurisdictions, institutions, transactions, or accounts that pose a money laundering concern.Money laundering regulations before making a finding that reasonable grounds exist for concluding that a foreign financial institution is of primary money laundering concern, the secretary is required to consult with both the secretary of state and the attorney general. In addition to these consultations, the secretary, when finding that a foreign financial institution is of primary money laundering concern, is required by statute to consider

S subsidiary, belmetalnergo, entered into contracts to purchase iraqi oil. Information from a variety of sources further indicates that belmetalnergo agreed to pay the illegal surcharges and deposited those funds into infobank accounts for the benefit of the iraqi government. Additional information suggests that belmetalnergo entered into contracts for the provision of humanitarian goods to iraq; these contracts inflated the value of the goods that belmetalnergo actually provided.Money laundering regulations the excess funds paid under the contract were placed in infobank accounts held for the benefit of the former iraqi government. These fraudulently obtained funds derived from the illegal surcharges and the inflated UN OFF contracts were laundered through several other foreign banks and shell corporations. Finally, proceeds from the illegal surcharges and inflated contracts either were returned to the iraqi government, in violation of the UN OFF program conditions, or were used to purchase weapons or finance military training through infobank and belmetalnergo.

S involvement in laundering funds for the former iraqi regime and in illicit and black market arms trade significantly outweighs any legitimate use of its banking operations. As stated earlier, infobank is well positioned both to direct and coordinate illegal activity and to l aunder funds through its banking operations, making it a significant money laundering risk. 3.Money laundering regulations the extent to which such action is sufficient to ensure, with respect to transactions involving infobank, that the purposes of the BSA continue to be fulfilled, and to guard against international money laundering and other financial crimes as detailed above, fincen has reasonable grounds to believe that infobank is being used to promote or facilitate money laundering. At the moment, there are no protective measures that specifically target infobank. Thus, finding infobank to be a financial institution of primary money laundering concern and prohibiting the maintenance of correspondent accounts for that institution are necessary steps to ensure that infobank is not able to access the U.S. Financial system to facilitate money laundering or to engage in any other criminal purpose.