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Treasury Designates Nauru and Ukraine as Primary Money Laundering Concerns
The United States Department of the Treasury has taken a significant step in its efforts to combat money laundering and terrorist financing worldwide by designating Nauru and Ukraine as primary money laundering concerns under the Bank Secrecy Act.
Special Measures Imposed
As a result of this designation, the Secretary of the Treasury is authorized to impose special measures on these countries and institutions with which they have dealings. Specifically:
- The Treasury intends to prohibit financial dealings by U.S. financial institutions with any Nauru-licensed institution unless otherwise excepted.
- Information-gathering and record-keeping requirements will be imposed on Ukrainian institutions.
These measures can be implemented through an order or a rulemaking, and the Treasury is seeking comments from all interested parties before making a final decision.
Public Feedback Sought
The Treasury is soliciting feedback from financial institutions and agencies about their ability to comply with these new regulations. Additionally, it is seeking input from institutions licensed by Nauru on why they should be exempted from certain prohibitions.
Comments on the proposed regulation can be submitted within 30 days of publication in the Federal Register. Questions can be directed to the Office of the Comptroller of the Currency or the Compliance Division at (202) 649-5740.
Ongoing Efforts
This move is part of ongoing efforts by the U.S. government to combat money laundering and terrorist financing worldwide. The Treasury’s designation of Nauru and Ukraine as primary money laundering concerns demonstrates its commitment to protecting the global financial system from illicit activities.