[Federal Register Volume 79, Number 240 (Monday, December 15, 2014)]
[Proposed Rules]
[Page 74043]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-29339]



Financial Crimes Enforcement Network

31 CFR Part 1010

RIN 1506--AA67

Financial Crimes Enforcement Network; Withdrawal of the Proposed 
Rule Against PJSC Trustbank, Formerly Known as Infobank

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.

ACTION: Withdrawal of the proposed rulemaking.


SUMMARY: This document withdraws FinCEN's August 24, 2004 proposed rule 
proposing imposition of the fifth special measure against PJSC 
Trustbank, formerly known as Infobank (``Trustbank''), as a financial 
institution of primary money laundering concern, pursuant to the 
authority contained in the Bank Secrecy Act.

DATES: As of December 15, 2014, the proposed rule published August 24, 
2004, at 69 FR 51973, is withdrawn.



I. Background

    The Bank Secrecy Act (``BSA''), codified at 12 U.S.C. 1829b, 12 
U.S.C. 1951-1959, and 31 U.S.C. 5311-5314 and 5316-5332, promotes the 
prevention, detection, and prosecution of money laundering, tax 
evasion, the financing of terrorism, and other financial crimes. 
Regulations implementing the BSA appear at 31 CFR Chapter X. The 
authority of the Secretary of the Treasury (``the Secretary'') to 
administer the BSA and its implementing regulations has been delegated 
to the Director of FinCEN.
    Section 5318A of the BSA grants the Secretary authority, upon 
finding that reasonable grounds exist for concluding that a foreign 
jurisdiction, foreign financial institution, class of international 
transactions, or type of account is of ``primary money laundering 
concern,'' to require domestic financial institutions and domestic 
financial agencies to take certain ``special measures'' against the 
primary money laundering concern.

II. The Finding, Notice of Proposed Rulemaking, and Subsequent 

A. The Notice of Finding and Notice of Proposed Rulemaking

    Based upon review and analysis of relevant information, 
consultations with relevant Federal agencies and departments, and after 
consideration of the factors enumerated in section 311, the Director of 
FinCEN found that reasonable grounds existed for concluding that 
Trustbank was a financial institution of primary money laundering 
concern. FinCEN published a proposed rule proposing the imposition of 
the fifth special measure on August 24, 2004, pursuant to the authority 
under 31 U.S.C. 5318A.\1\

    \1\ See 69 FR 51973 (Aug. 24, 2004) (RIN 1506-AA67).

B. Subsequent Developments

    Since FinCEN's notice of proposed rulemaking, material facts 
regarding the circumstances of the proposed rulemaking and the basis of 
the finding of primary money laundering concern have changed. Based on 
the totality of the current circumstances and available facts, FinCEN 
concludes that it is no longer appropriate to maintain its finding that 
Trustbank represents a primary money laundering concern, and FinCEN 
will therefore not proceed with the rule proposed on August 24, 2004.

III. Withdrawal of the Proposed Rule

    For the reasons set forth above, FinCEN hereby withdraws the August 
24, 2004 proposed rule proposing the imposition of the fifth special 
measure authorized by 31 U.S.C. 5318A(B)(5) regarding Trustbank.

    Dated: December 8, 2014.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2014-29339 Filed 12-12-14; 8:45 am]