Treasury Issues Proposed USA PATRIOT Act Regulation on Myanmar
The Treasury Department today published in the Federal Register a proposed rule to implement the November 18th designation (see below) of Myanmar (Burma) as a jurisdiction of primary money laundering concern pursuant to the USA PATRIOT. Written comments on the notice of proposed rulemaking must be submitted to Treasury on or before December 26, 2003. The special measures would generally prohibit U.S. financial institutions from establishing, maintaining, administering, or managing correspondent or payable-through accounts in the United States for, or on behalf of, Burmese financial institutions.
By a separate proposed rule, Treasury and FinCEN are proposing the imposition of similar measures against transactions with the Myanmar Mayflower Bank and the Asia Wealth Bank.
|posted by Douglas N. Jacobson| Permalink 
