FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUES PROPOSED RULE: DEFINITION OF HUIONE GROUP, A FINANCIAL INSTITUTION OPERATING OUTSIDE THE UNITED STATES OF PRIMARY MONEY LAUNDERING CONCERN

WASHINGTON, June 25 -- Financial Crimes Enforcement Network has issued a proposed rule called: Definition of Huione Group, a Financial Institution Operating Outside the United States of Primary Money Laundering Concern.

The proposed rule was published in the Federal Register on June 25 by Jimmy L. Kirby, Deputy Director, Financial Crimes Enforcement Network.

Summary: FinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, that proposes amending the existing definition of Huione Group to include, within the definition of that group, H-Pay Service PLC, and adding and defining the term "successor entity." With this NPRM, FinCEN does not alter its assessment that Huione Group is a financial in...