reports it has not prohibited such transactions and has committed to working with individual banks as well as banking consortiums to clear up any misunderstanding or overly strict interpretation of AML regulations.
is still developing procedures to implement this expanded requirement.
The GOP took a welcomed step forward in regard to implementation of UNSCR 1267 in October 2011 when it passed a long-awaited asset freezing law that enables SEPRELAD
to freeze the assets of designated terrorist financiers, or those conducting transactions with UN designated terrorists or terrorist financiers, indefinitely in as little as 36 hours once notification of UN designation is sent or a request from a foreign country relating to UNSCR 1373 is received.
As of September 2009, SEPRELAD processed 585 STRs and sent 7 cases to the Attorney General's office.
However, the Ministry of Foreign Affairs provides the Central Bank, SEPRELAD, and other government entities with the names of suspected terrorists on the UNSCR 1267 Sanctions Committee's consolidated list.
SEPRELAD is able to exchange information with the U.
In recent years, the GOP has made significant efforts to strengthen SEPRELAD, and as a result, cooperation between SEPRELAD and other government agencies on anti-money laundering issues has improved.
In addition to confirming the UAF's role as the sole FIU, the new legislation establishes SEPRELAD as an independent secretariat or agency reporting directly to the Office of the President.