MMTA Newsletter November 2003
USA PATRIOT ACT - MONEY LAUNDERING
In 2001, Congress strengthened the existing anti-money laundering laws to expand which “financial institutions” are required to establish anti-money laundering compliance and customer identification programs.
A “financial Institution” includes those in boat sales.
In February, Tressury published notice of proposed rulemaking on whether to require vehicle (including boats) sellers to have an anti-money laundering program. While not finalized, dealers should be aware before selling to a foreign entity.
Check Treasury’s list at: http://www.treas.gov/offices/eotffc/ofac/sdn/index html
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