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Washington
FinCEN proposes internatl transaction reporting plan
WASHINGTON (9/28/10)—The Financial Crimes Enforcement Network (FinCEN) has proposed rules to require some depository institutions and money services businesses (MSB) to “affirmatively provide records to FinCEN of certain cross-border electronic transmittals of funds (CBETF).” FinCEN Director James Freis said that the proposal, which would require MSBs that conduct CBETF to report international transactions equal to or in excess of $1,000 to FinCEN, would “greatly assist law enforcement in detecting and ferreting out transnational organized crime, multinational drug cartels, terrorist financing, and international tax evasion.” “The proposal will produce valuable data for law enforcement agencies by having first-in and last-out depository institutions (those institutions that are the first to receive funds transferred electronically from outside the United States or the last U.S. institution to transmit funds internationally) to report all such transmittals of funds,” according to a FinCEN release. The FinCEN release estimated that less than 300 depository institutions and 700 MSBs would be subject to the proposed rule. FinCEN said that complying with the reporting requirement will take “little additional effort” from reporting financial institutions. The proposed rule will be open to public comment for 90 days following its publication in the Federal Register.
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