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Article: Newcomb Leaves Ofac in Limbo.(Richard Newcomb)(Office of Foreign Asset Control )
- Article from:
- Securities Industry News
- Article date:
- October 18, 2004
- Author:
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Last spring, it was widely expected that the Financial Crimes Enforcement Network (FinCEN)-the arm of the Treasury Department that monitors money laundering and other financial crimes-would ease its requirements on broker-dealers and other financial service firms regarding the filing of suspicious activity reports (SARs) with FinCEN and the State Department's Office of Foreign Asset Control (Ofac) for all matches on the Ofac list of specially designated nationals (SDN).
Now, the abrupt resignation of Ofac director Richard Newcomb last month has cast doubt on whether this specific issue will be resolved-and on the direction of Ofac in general.
Newcomb ...