Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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10/30/2004 USA PATRIOT Act Monitor News Release: FATF Adds Ninth Special Recommendation

A ninth Special Recommendation has been added to the previous eight, this one having to do with cash couriers, by the Financial Action Task Force. Special Recommendation IX also applies to bearer negotiable instruments, but does not apply to gold, precious metals, or precious stones, though an Interpretive Note accompanying the Recommendation acknowledges that these items also have high liquidity and present some of the same problems. The Interpretive Note indicates that countries may meet their obligations under the Recommendation with either a declaration system or a disclosure system. Under a declaration system, anyone making a physical cross-border transportation of currency or bearer negotiable instruments must make a declaration regarding them if the amount being carried exceeds a threshold of EUR/USD 15,000 (or some other amount sufficiently low to meet the objectives of the Recommendation). Under a disclosure system, persons are to make a disclosure of the items being carried on request from designated competent authorities. The Special Recommendation and the Interpretive Note will be the subject of detailed analysis in the November issue of the Monitor.

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