About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Memo from Reporter and Chairman 1 (March 3, 2004)

handle is hein.nccusl/nccpub01160 and id is 1 raw text is: Memorandum To: Drafting Committee and Observers From: Commissioner Tom Bolt, Chair Commissioner Anita Ramasastry, National Conference Reporter Committee for the Revision and Expansion of the Uniform Money Services Act Re: Revisions to Uniform Money Services Act Date: March 3, 2004 At the 2002 Annual Meeting of the National Conference of Commissioners on Uniform State Laws (NCCUSL), the Committee on Scope and Program requested that the Study Committee on Revisions to the Uniform Money Services Act (Study Committee) explore the possibility of amending the Uniform Money Services Act (UMSA) in light of possible anti- terrorism measures suggested by the federal Office of Homeland Security (OHS). ' The Study Committee was also directed to consider revisions in light of the enactment of the federal USA Patriot Act, which expanded the definition of money transmission to include hawala or underground banking. In January 2004, the NCCUSL's Executive Committee reconstituted the drafting committee (Drafting Committee) for the amendment of UMSA. I. Relationship between UMSA and federal Anti-Terrorism/Anti-Money Laundering Initiatives The USA Patriot Act links federal anti-terrorism initiatives focused on non-bank financial service providers (referred to as money services) and state licensing and regulation of these same entities. The USA Patriot Act was designed to address a number of problems, not the least of which is the transfer of money using mechanisms and entities beyond competent government oversight or control. These changes significantly impact the estimated 5,000 to 8,000 largely unregulated money services businesses (MSBs) that wire money, cash checks, exchange currency, or sell and redeem money orders and log some $200 billion in yearly transactions. I The Office of Homeland Security has been converted into a federal agency, the Department of Homeland Security.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most