FROM THE OFFICE OF PUBLIC AFFAIRS

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March 30, 2005
JS-2345

Under Secretary Levey Remarks on Providing
Banking Services to
Money Service Businesses

Stuart Levey, the U.S. Department of the Treasury's Under Secretary for the Office of Terrorism and Financial Intelligence (TFI), made the following remarks today in response to a statement issued earlier today by the Financial Crimes Enforcement Network (FinCEN) and the Federal Banking Agencies on providing banking services to money service businesses (MSBs):

"The policy statement released today is an important step in ensuring that money service businesses (MSBs) have access to banking services and in protecting our financial sector against underground and illicit money flows. 

"MSBs provide valuable services to those without ready access to the formal banking sector.  As Secretary John Snow has stated on a number of occasions, these businesses are a part of a healthy financial sector and must have access to banking services. As we continue our efforts to combat money laundering and terrorist financing, it is critical that the MSB industry remain within the formal financial sector and not be driven underground.

"We believe that this clear statement of policy, as well as the forthcoming guidance, will help ensure that MSBs have access to banking services and that our financial sector is best protected against illicit money flows.  We look forward to the issuance of this guidance and to continuing our strong partnership with U.S. financial institutions," said Levey. 

A copy of the statement issued today by FinCEN and the Federal Banking Agencies may be accessed here: http://www.fincen.gov/bsamsbrevisedstatement.pdf.