U.S. tightens reins on money transfers (specifically $ xfr businesses)

[Tab]

WASHINGTON (AP) - The Bush administration wants U.S. money transfer businesses to take steps to make sure their overseas agents aren't vulnerable to terrorist financiers and money launderers.

The Treasury Department's Financial Crimes Enforcement Network, known as FinCen, issued guidance Wednesday aimed at addressing this potential weak spot.

The agency made clear that money transfer businesses, such as Western Union, must put procedures in place to detect abuses by foreign agents. Since April 2002, money service businesses have been required to set up anti-money laundering programs to guard against money launderers and terrorist financiers.

"To the extent a money services business uses relationships with foreign agents and counterparts to facilitate the movement of funds into or out of the United States, the money services business' anti-money laundering program must reasonably address the risks of money laundering and the financing of terrorism," the agency said.

Treasury said that companies will have six months to come into compliance.
More: http://www.beaufortgazette.com/24hour/business/story/1905817p-9850683c.html

[Megahurtz]

1. The GOP is probably setting up something

so they can transfer and hide their own embezzled money.

Caymans anyone?

[Eurobabe]

2. TCI is better

GHWB has $$ stashed there. (Turks & Caicos Islands, they deal in USDs)

[Megahurtz]

3. Yeah and I'm sure that

they have many more hiding places.

It makes me sick.