The U.S. Treasury Department withdrew proposed anti-money laundering rules Thursday aimed at unregistered investment companies, commodity trading advisors and investment advisors. The department's Financial Crimes Enforcement Network (FinCEN) will not implement Bank Secrecy Act (BSA) requirements for the groups without publishing new proposals and allowing for a new comment period, the bureau said. The proposed rules would have addressed industries already working with BSA regulated institutions, FinCEN said. FinCEN's withdrawal of the proposals, first introduced in 2002 and 2003, is "long overdue" and a "great relief to the industry," said Greg Baldwin, a lawyer with law firm Holland & Knight...
print