From the NMMA
For further information, go to http://www.nmma.org/government/news/
October 21, 2003
In response to the increased interest and confusion
about anti-money laundering requirements under the USA PATRIOT Act and the
Presidential Order blocking transactions with terrorists, NMMA has prepared a fact
sheet for our members.
In
sum, boat sellers are not yet required to have an anti-money laundering
compliance program.
However, requirements that have been in place for years and prohibit
anyone in the U.S. from conducting business with terrorists or other
“specially designated parties” are still in effect.
These laws require sellers to be cautious when dealing with unknown
businesses or individuals.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC)
maintains the list of all “specially designated parties” that can be checked
to ensure compliance with existing laws.
For more information please see the fact sheet or
contact NMMA’s Regulatory Counsel, Cindy Squires at 202-721-1617 or csquires@nmma.org.
If
you have questions about the grassroots program or would like to be taken off of
this e-mail or fax solicitation please contact Kelly Bobek at kbobek@nmma.org.