Karen Jefferson <Kjeffers@ABA.COM>
Sent by: ABA's Money Laundering and Terrorism Issues Update <AMLNEWS@LISTSERV.ABA.COM>
11/19/02 02:53 PM
Please respond to kjeffers

To: AMLNEWS@LISTSERV.ABA.COM
Subject: Resending Special Notice: Treasury Department announced a moratorium of Section 314(a)
Today, The US Treasury Department announced a moratorium of the processing of requests from FinCEN under Section 314(a) of the USA Patriot Act. All covered financial institutions are to stop the processing of all previous requests. It is expected that the official notice will be disciminated by each institution's regulator today, Tuesday November 19, 2002, or tomorrow.

This effort on the part of Treasury, the Regulators and FinCEN is to re-visit Section 314 and make it workable for all covered financial institutions.

It must be recognized that this moratorium does not cover the OFAC List or the Control List. Both of those lists will continue as usual. In addition, in the case of a national emergency, additional instructions will be announced as needed.

Andy - That makes me so happy, I almost tossed my cookies

Thanks for the grrrrrrrreat news...

LOL! Ouch! (stomach muscles still sore from crunches)

I was just in a telephone seminar with Barb and Gary and heard Gary say to STOP first hand! What wonderful news, unfortunetly didn't help with the rest of the seminar...