FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUES PROPOSED RULE: PROPOSAL OF SPECIAL MEASURE REGARDING BANQUE MISR UAE AS A FINANCIAL INSTITUTION OPERATING OUTSIDE OF THE UNITED STATES OF PRIMARY MONEY LAUNDERING CONCERN

WASHINGTON, Sept. 1 -- Financial Crimes Enforcement Network has issued a proposed rule called: Proposal of Special Measure Regarding Banque Misr UAE as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern.

The proposed rule was published in the Federal Register on Sept. 1 by Jimmy L. Kirby, Deputy Director, Financial Crimes Enforcement Network.

Summary: FinCEN is issuing a notice of proposed rulemaking, pursuant to section 311 of the USA PATRIOT Act, that finds the five United Arab Emirates-based branches of Banque Misr (collectively, Banque Misr UAE) to be of primary money laundering concern and proposes imposing a special measure to: prohibit U.S. financial institutions from opening or maint...