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Zaher Fallahi, CPA, Tax Attorney; Treasury Identifies Kassem Rmeiti & Co. for Exchange and Halawi Exchange Co. as Financial Institutions of “Primary Money Laundering Concern”

posted Apr 23, 2013, 11:52 AM by Zaher Fallahi

Today, Treasury named two Lebanese exchange houses, Kassem Rmeiti & Co. For Exchange and Halawi Exchange Co., as foreign financial institutions of primary money laundering concern under Section 311 of the USA PATRIOT Act. FinCEN also issued an order against each financial institution, effective immediately and with a 120-day duration, that requires U.S. financial institutions to obtain information on any new or attempted transactions by Rmeiti Exchange and Halawi Exchange.  In addition, FinCEN issued a notice of proposed rulemaking regarding each financial institution that, if adopted as a final rule, would continue the reporting requirement imposed by the order and prohibit any U.S. financial institution from opening or maintaining a correspondent or payable-through account for Rmeiti Exchange and Halawi Exchange, effectively cutting off these exchanges from the U.S. financial system.

For assistance with any tax matters, including the IRS representation, international taxes and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to