/javascript" src="../static/js/analytics.js"> CalTrade Report - US Clarifies Bank Policies for Foreign Governments, Embassies Treasury Department, CalTrade Report, Patriot Act, Bank Secrecy Act - US Clarifies Bank Policies for Foreign Governments, Embassies - Access to appropriate banking services remains intact, Treasury says CalTrade Report Asia Quake Victims 06/22/04 - According to the Treasury Department, amendments to the Bank Secrecy Act adopted after the September 11, 2001 terrorist attacks are "not in conflict" with its longstanding policy that persons living or working in the US should have access to US banking services; the announcement clarifies reforms stipulated in the USA Patriot Act aimed at throttling illegal activity including money laundering by terrorist groups and other financial crimes. - 06/22/04 - According to the Treasury Department, amendments to the Bank Secrecy Act adopted after the September 11, 2001 terrorist attacks are "not in conflict" with its longstanding policy that persons living or working in the US should have access to US banking services; the announcement clarifies reforms stipulated in the USA Patriot Act aimed at throttling illegal activity including money laundering by terrorist groups and other financial crimes. - US Clarifies Bank Policies for Foreign Governments, Embassies Treasury Department, CalTrade Report, Patriot Act, Bank Secrecy Act - US Clarifies Bank Policies for Foreign Governments, Embassies

 

Tuesday, June 13, 2006

 

Become a CalTrade Member--It's Free!
Front Page
Page Two
PR Newswire
Opinion
Profiles
Trade Leads
Calendar
Mission
Editor
Press Releases
Partner Orgs
Advertise Opp.
Contact Us
Int.Time Clock
Currency Calc
Cal Links
Free Services


Our Car

Front Page

E-mail PagePrint Version



US Clarifies Bank Policies for Foreign Governments, Embassies

Access to appropriate banking services remains intact, Treasury says

WASHINGTON, DC - 06/22/04 - The Department of the Treasury and several other government agencies have reaffirmed its decision that US banks can continue to serve foreign governments, embassies and consulates and their staffs, despite the adoption of stricter US rules for monitoring the financial services industry.

In a recent statement, the Treasury Department said that amendments to the Bank Secrecy Act adopted after the September 11, 2001 terrorist attacks are "not in conflict" with its longstanding policy that persons living or working in the US should have access to US banking services.

"Financial institutions can provide appropriate banking services to the embassies and interests sections of foreign governments and their staffs in a manner that fulfills the needs of those foreign governments while satisfying the provisions of the Bank Secrecy Act," the agency said.

There are well over a?hundred foreign consulates general, consulates, honorary consulates, and trade and investment offices in California that are?impacted by the decision.

The Treasury also released the text of an interagency memorandum clarifying US policy.

In the memorandum, regulators from several US agencies said that recent money-laundering investigations involving a US bank and diplomats from Saudi Arabia had prompted inquiries as to whether financial institutions should do business with embassies and their staffs.

The regulators said that government agencies "will not, absent extraordinary circumstances, direct or encourage any institution to open, close or refuse a particular account or relationship," but also asserted that the institutions are responsible for ensuring their full compliance the Bank Secrecy Act, as amended by the 2001 USA Patriot Act.

The Patriot Act imposed reforms designed to limit money laundering by terrorist groups and other financial crimes.

According to the interagency memorandum, "longstanding policy of the United States Department of the Treasury that persons residing or working in the United States should have access to US banking services. This policy certainly encompasses the embassies and interests sections of foreign governments and their staffs."

It is also the policy of the Treasury Department that financial institutions comply with the Bank Secrecy Act, as amended by the USA PATRIOT Act, and its implementing regulations, it said, adding that "compliance with those provisions helps to safeguard our financial system from the abuses of money laundering and illicit finance, including terrorist activity financing."

These two policies are not in conflict, said the document, as "financial institutions can provide appropriate banking services to the embassies and interests sections of foreign governments and their staffs in a manner that fulfills the needs of those foreign governments while satisfying the provisions of the Bank Secrecy Act."

The memorandum was circulated to the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.

Go back, or read the latest Front Page stories:

US Seeks Stronger Ties With Brazil

WASHINGTON, DC – 06/13/06 – Rebounding from the failure to craft a Free Trade Area of the Americas pact, the Bush Administration is aiming at strengthening trade ties with Brazil in an effort to counter China’s fast-growing economic influence in Latin America; China should not only be seen as an export market with 1.3 billion consumers, but also as a nation of 1.3 billion ''new competitors,'' says US Secretary of Commerce Carlos Guittierez.


US Threatens WTO Action Against China

WASHINGTON, DC – 06/10/06 – The White House is threatening to slap China with a World Trade Organization case unless Beijing responds quickly to US concerns over its lack of action on securing intellectual property rights for US products; talks on bringing the WTO case are at a ''very advanced stage,'' according to a high level official in the Office of the US trade Representative.


High Hopes for Central American Trade Pact

WASHINGTON, DC – 06/08/06 – The US -Central American Free Trade Agreement (CAFTA) still faces some hurdles, but could become a reality ''very soon,'' according to Deputy Secretary of State Robert Zoellick; the issues relating to government procurement, intellectual property rights and agriculture still need to be worked through, says the former US Trade Representative following a session of the Organization of American States (OAS) General Assembly in Santo Domingo, Dominican Republic.





 

 


Web Design & Development by Turn-It-Digital in Los Angeles