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Author Topic: FinCEN's jurisdiction  (Read 1505 times)
Tyger
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March 20, 2013, 09:57:37 PM
 #1

FinCEN does not have any jurisdiction outside of the US right?
So how can they know who is in and who is outside the US?
Also none US exchanges donet have to deal with all this right?
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Mike Christ
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March 20, 2013, 10:15:28 PM
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FinCEN just gives advice Tongue  And the advice is directed toward the American government.

So nothing is happening yet, and nothing should be affected outside of the US.  But your own govs will have their own opinions about it, at some time or another.

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March 21, 2013, 06:22:48 AM
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FinCEN is afraid they will become irrelevant. Too late.
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March 21, 2013, 02:35:35 PM
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FinCEN just gives advice Tongue  And the advice is directed toward the American government.

So nothing is happening yet, and nothing should be affected outside of the US.  But your own govs will have their own opinions about it, at some time or another.

I believe the US thinks it has reach regarding MSBs & MTs and their interactions with US customers regardless of where the MSB/MT is located, but I admit I have not thoroughly read through all of the advisories:

http://www.fincen.gov/statutes_regs/guidance/html/FIN-2012-A001.html

The US has basically outsourced banking & tax compliance to all other countries and entities throughout the world. This is why foreign banks and brokerages have been turning away American clients recently -- it isn't worth the hassle, due diligence, compliance, and potential liability.

The following sentences from this FinCEN advisory sums up the government's view --

"FinCEN seeks to ensure that the BSA rules apply to all persons engaging in covered activities within the United States, regardless of the person's physical location."

"Foreign-located MSBs are subject to the same civil and criminal penalties for violations of the BSA and its implementing regulations as MSBs with a physical presence in the United States."

"....Relevant factors include whether the foreign-located person, whether or not on a regular basis or as an organized or licensed business concern, is providing services to customers located in the United States."

Big Time Coin
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March 23, 2013, 01:38:08 AM
 #5

FinCEN does not have any jurisdiction outside of the US right?
So how can they know who is in and who is outside the US?
Also none US exchanges donet have to deal with all this right?

It's not a Court it's an combined-function investigatory and regulatory agency, federal executive branch, under Dept. of the Treasury.  U.S. citizens and financial institutions are within its "Jurisdiction" (not the right word) , if I understand what you are asking. 

They share information globally. 

Yes they do if they have U.S. customers or transmit money into or out of U.S. customers.


here is some reading material for those too lazy to use google, like the OP:
http://www.fincen.gov/international/
http://www.fincen.gov/international/egmont/


 

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