The US Treasury Financial Crimes Enforcement Network (FinCEN) announced recently that it has withdrawn its Advisory notice to banks and other financial institutions with regard to doing business with entities based in Niue.
'Since the issuance of Advisory 22, Niue has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 22, and has taken concrete steps to bring these reforms into effect,' FinCEN director, James F. Sloan explained.
He added that: 'Because of the enactment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving Niue, as called for in Advisory 22, is no longer necessary. Niue now has in place a counter-money laundering system that generally meets international standards.'
On October 11 this year, the Financial Action Task Force (FATF) came to much the same conclusion, and removed Niue from its 'blacklist' of countries considered vulnerable to money laundering activity.
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