OFAC
The overriding goal of the 2002 National Money Laundering Strategy (issued
by the US Treasury and US Justice Departments) is to deny terrorist groups access to the international financial system, to impair the ability of terrorists
to raise funds, and to expose, isolate and incapacitate the financial networks of terrorists.

If you do not have systems in place to prevent this, you may be part of the problem!
Major points of the strategy include:
   1.Terrorist Financing
   2. Charities - using charities to fund terrorist groups.
   3. USA PATRIOT Act

If you are a financial institution, as defined by the Bank Secrecy Act or the USA PATRIOT Act, then you are subject to the USA PATRIOT Act. If you are doing any commerce, then you are subject to OFAC.

The Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations, and international narcotics traffickers. The US government naming proscribed nations and individuals has issued massive lists. The penalties (both civil and criminal) for violations can be extreme!

The USA PATRIOT Act focuses on anti-money laundering, broadens the definition of money laundering, and also requires covered financial institutions to verify identification of account holders. In October 2003, the US Treasury announced that the implementation of identification and verification practices is final and in force.

Are you or your clients prepared to comply with these requirements? If not, McDonald Information Service can provide you with OFAC and USA PATRIOT Act compliance. Our service can give you the comfort that you are doing what is required, and what is right in our fight against terrorism and money laundering.
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McDonald Information Service, Inc. - 41 Vreeland Ave, Suite 233, Totowa, NJ 07512 • Tel: (201) 659-2600 • Email: info@callmis.com