fm Micronesia, Federated States of

New Documents

Office of Foreign Assets Control (OFAC) Deputy Director Bradley T. Smith signed a determination pursuant to sections 1(a)(ii), 1(b), and 5 of Executive Order (E.O.) 14071 that applies a prohibition on certain services for the acquisition of aluminum, copper, or nickel of Russian origin.

Office of Foreign Assets Control Deputy Director Bradley T. Smith signed a determination pursuant to sections 1(a)(i)(A), 1(b), and 5 of Executive Order (E.O.) 14068, as amended, that applies a prohibition on importing aluminum, copper, and nickel of Russian origin.

News

Enforcement Actions

The Office of the Attorney General of Switzerland announced that the Zürich, Switzerland-based bank was ordered to pay a fine of CHF 750,000 after it was convicted of corporate liability in connection with aggravated money laundering committed by two employees.

Spillemyndigheden, the Danish Gambling Authority, issued three orders and two reprimands against the Ta’ Xbiex, Malta-based gambling operator for breaching the rules of the Anti-Money Laundering Act.


Key Documents

Important Facts

  • The U.S. State Department identifies the Federated States of Micronesia as a monitored jurisdiction. The low level of financial sophistication makes the country at low risk for money laundering, terrorist financing and smuggled products. Corruption extends to directing public contracts and employment to unqualified companies or persons. The amount of proceeds derived from corruption, however, is difficult to estimate. There have been no arrests, prosecutions or convictions for money laundering since the Federated States of Micronesia criminalized the offense in 2001. The jurisdiction's financial intelligence unit, which is dependent for funding and staff on other governmental agencies, consists of a single police officer that has both criminal investigative and regulatory responsibilities. The Federated States of Micronesia has yet to criminalize terrorist financing or terrorist acts.
  • KYC Covered Entities:  Banks, cash dealers, insurers, bingo parlors, trustees, and money transaction services
  • STR Covered Entities: Banks
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (2015); Convictions: 1 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : High :
Largely Compliant : Substantial :
Partially Compliant : Moderate :
Non-Compliant : Low :

* As of July 24, 2018, an observer of APG

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
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Tax Justice Network i

Rank : N/A
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