Treasury’s FinCEN Repeals Section
311 Actions Against Myanmar Mayflower Bank and Asia Wealth Bank
WASHINGTON – The
U.S. Department of the Treasury today announced that the Financial Crimes
Enforcement Network (FinCEN) is repealing a final rule adopted on April 12,
2004 that required certain U.S. financial institutions to take special measures
directed at two of Burma’s then-largest banks, Myanmar Mayflower Bank and Asia
Wealth Bank. FinCEN today is also withdrawing its November 18, 2003
identification of these banks as financial institutions of primary money
laundering concern. These actions were taken
311 of the USA PATRIOT Act.
When the final rule was issued, Myanmar Mayflower Bank and
Asia Wealth Bank had been identified as financial institutions of primary money
laundering concern, and individuals owning and controlling both banks were
determined to be linked with illicit financial activities. Subsequent to FinCEN’s identification of these
two banks as financial institutions of primary money laundering concern, the
Government of Burma revoked the licenses of both banks. These financial institutions no longer exist
and thus pose no further threat to financial systems.
The Treasury Department looks forward to collaborating with
the Government of Burma on mutual issues of concern to combat international
money laundering and the financing of terrorism.
The repeals will become effective upon their publication in
the Federal Register. The action, as
submitted to the Federal Register, is available here.