Bank Secrecy Act Multibanka, Riga, Latvia – Subject of Primary Money Laundering Concern
FIL-35-2005 April 29, 2005
The Department of the Treasury has designated Multibanka, Riga, Latvia, to be of primary money laundering concern and has issued proposed countermeasures.
On April 21, 2005, the Department of the Treasury's (Treasury) Financial Crimes Enforcement Network (FinCEN) announced the designation of Multibanka, Riga, Latvia, to be a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act.
Treasury, acting through FinCEN, is issuing a proposed rule to impose special measures against Multibanka. The proposed rule would prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts in the U.S. for, or on behalf of, Multibanka. This proposed prohibition extends to correspondent or payable-through accounts maintained for other foreign banks when such accounts are used by the foreign bank to provide financial services to Multibanka indirectly.
Treasury is soliciting written comments regarding this proposed rule. The proposed rule can be found on the FinCEN Web site under "What's New" at http://www.fincen.gov. Comments must be submitted on or before May 26, 2005, to Treasury via electronic mail at firstname.lastname@example.org. Include RIN 1506-AA81 in the subject line of the message. Comments may also be submitted by paper mail to FinCEN, P.O. Box 39, Vienna, Virginia 22183. Include RIN 1506-AA81 in the body of the text.
Please distribute this information to the appropriate personnel in your institution.
FDIC-Supervised Banks (Commercial and Savings)