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TREAS/FINCEN | RIN: 1506-AB35 | Publication ID: Fall 2016 |
Title: ●Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern | |
Abstract:
In a finding, notice of which was published elsewhere in this issue of the Federal Register (Notice of Finding), the Director of FinCEN found that the Democratic People’s Republic of Korea (North Korea) is a jurisdiction of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (NPRM) to propose to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution and to prohibit the use of foreign banking institutions’ correspondent accounts to process transactions involving North Korean financial institutions. |
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Agency: Department of the Treasury(TREAS) | Priority: Economically Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 31 U.S.C. 5318(a) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Richard May Director, Special Measures Department of the Treasury Financial Crimes Enforcement Network 1801 L Street, 7th Floor, Washington, DC 20036 Phone:202 354-6022 Fax:703 905-3885 Email: richard.may@fincen.gov |