Small Business Reading Room

Wednesday, May 19, 2004

Financial Crimes Information Network (FinCEN)

The FinCEN yesterday announced imposition of a Special Measure Against Commercial Bank of Syria, Including Its Subsidiary, Syrian Lebanese Commercial Bank, as a Financial Institution of Primary Money Laundering Concern, (Proposed Rule) (5/18/04).

Any business doing business with this bank, or doing business with anyone who DOES business with this bank would be well advised to steer clear and get more information.

More on what exactly is meant by a Special Measure is contained in the announcement that was published in the Federal Register.

This brings up one of the difficulties of doing business in an global economy. It is not easy to keep abreast of all the prohibited entities, organizations, countries and individuals. There are several government agencies that can issue these prohibitions and they are not all linked together, nor do they share a common format.

A good place to start researching partners for import and export business is the Bureau of Industry and Security within the Commerce Department. They publish a guide to avoiding dealing with prohibited persons that is very helpful. Within the guide they make reference to other lists maintained by the Commerce Department of countries, entities and individuals that Americans are prohibited from doing business with.




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Delaware Intercorp, Inc.
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