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Alerts
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FinCEN Withdraws Proposed Anti-Money Laundering Rules for Unregistered Investment Companies, Commodity Trading Advisors and Investment Advisers
October 31, 2008
On Oct. 30, 2008, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury, withdrew the proposed anti-money laundering program (“AML Program”) rules for unregistered investment companies (such as hedge funds), commodity trading advisors and investment advisers. The now-withdrawn AML Program rules have been pending for several years. In particular, the AML Program rules for unregistered investment companies have been pending since Sept. 26, 2002, and the AML Program rules for commodity trading advisors and investment advisers have been pending since May 5, 2003. Yesterday’s announcement comes after FinCEN’s statement in June 2007 that it would be taking a fresh look at bank secrecy regulation to ensure that it is being applied efficiently and effectively across different industries. The now-withdrawn regulations drew extensive comment from the regulated industries.
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