FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUES PROPOSED RULE: PROPOSAL OF SPECIAL MEASURE REGARDING MBAER MERCHANT BANK AG AS A FINANCIAL INSTITUTION OPERATING OUTSIDE OF THE UNITED STATES OF PRIMARY MONEY LAUNDERING CONCERN

WASHINGTON, March 2 -- Financial Crimes Enforcement Network has issued a proposed rule called: Proposal of Special Measure Regarding MBaer Merchant Bank AG 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 March 2 by Andrea M. Gacki, 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 MBaer Merchant Bank AG (MBaer), a financial institution based in Switzerland, to be of primary money laundering concern, and proposes imposing a special measure to: (1) prohibit U.S. financial institutions from opening or maintaining a...