Treasury Identifies Virtual Currency Provider Liberty Reserve as a Financial Institution of Primary Money Laundering Concern under USA Patriot Act Section 311
The U.S. Department of the Treasury today named Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). Liberty Reserve - a web-based money transfer system or “virtual currency” - is specifically designed and frequently used to facilitate money laundering in cyber space.
Link to Press Release: http://www.treasury.gov/press-center/press-releases/Pages/jl1956.aspx
Link to Finding: http://www.fincen.gov/statutes_regs/files/311--LR-NoticeofFinding-Final.pdf
Link to Notice of Proposed Rulemaking: http://www.fincen.gov/statutes_regs/files/311--LR-NPRM-Final.pdf
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