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OFAC And New York State Banking Department Sign MoU

by Glen Shapiro, LawAndTax-News.com, New York

06 December 2006


The US Department of the Treasury's Office of Foreign Assets Control (OFAC) and the New York State Banking Department on Monday announced the signing of a Memorandum of Understanding (MOU) that outlines procedures for the exchange of sanctions compliance and enforcement information between the two agencies.

The MOU is the first such agreement based on a template developed by OFAC and the Conference of State Bank Supervisors (CSBS). The procedures specified in the MOU will facilitate the sharing of information on sanctions violations and other deficiencies, whether those deficiencies are found by OFAC or during examinations conducted by state banking regulators.

"The signing of this MOU will enhance cooperation between our agencies as we work together to safeguard the financial system from illicit conduct and assure that it is not used to finance terrorism, narcotics trafficking, or to otherwise circumvent US sanctions," explained OFAC Director Adam Szubin.

He continued:

"I look forward to building on the important step we have taken with New York by executing similar agreements with other states and territories."


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