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FinCEN withdraws three findings and proposed rulemakings under PATRIOT Act

Jaclyn Jaeger | February 23, 2016

The Financial Crimes Enforcement Network this week said it is withdrawing three findings and related proposed rulemakings under Section 311 of the USA PATRIOT Act, after having determined that the subjects of the rulemakings no longer pose a money laundering threat to the U.S. financial system.

FinCEN is withdrawing its finding and proposed rulemaking under Section 311 regarding Liberty Reserve, previously headquartered in Costa Rica, as it no longer exists as a foreign financial institution. The Department of Justice has seized Liberty Reserve accounts and Internet domain names and charged seven of its principals and employees with money laundering. Liberty Reserve stopped functioning after these actions.

FinCEN also said it’s withdrawing its finding and...

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