Nov. 20, 2006 News Archive

FinCEN Advises Financial Industry on Potential Risks of Shell Companies offsite link
The Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to U.S. financial institutions on identifying, assessing and managing the potential risks associated with accounts maintained for shell companies. The advisory is being released along with an assessment (PDF) offsite link that shows that shell companies can be exploited by money launderers and other perpetrators of financial crime because of the lack of transparency in the formation process and the inability to identify beneficial owners. (PDF)

OFAC Updates List of Specially Designated Nationals and Blocked Persons offsite link
The Department of the Treasury's Office of Foreign Assets Control (OFAC) has added new entries to the Specially Designated Nationals and Blocked Persons list.