On February 24th, the Financial Crimes Enforcement Network issued an Advisory to U.S. financial institutions to take reasonable risk-based steps with respect to the potential increased movement of assets that may be related to the situation in Libya. FinCEN reminded U.S. financial institutions of the requirement to apply enhanced scrutiny for private banking accounts held by or on behalf of senior foreign political figures and to monitor transactions that could represent misappropriated or diverted state assets, proceeds of bribery or other illegal payments, or other public corruption proceeds. Financial institutions were advised to be aware of the possible impact that the events in Libya may have on patterns of financial activity when assessing risks related to particular customers and transactions.
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FinCEN issues advisory regarding Libya
- Winston & Strawn LLP
- Libya, USA
- February 28 2011
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