View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

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.

 
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 
EO 13771 Designation: uncollected 
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
Timetable:
Action Date FR Cite
NPRM  06/03/2016  81 FR 35665   
NPRM Comment Period End  08/02/2016 
Final Action  11/00/2016 
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