Alert 1998-42 | December 11, 1998

Fraudulent Trade Finance: Stolen Commodities

To

Chief Executive Officers of all National Banks; all State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman. Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (Districts); Assistant Deputy Comptrollers; District Counsel and Examining Personnel

The ICC-International Maritime Bureau has provided information relative to ship piracy and stolen cargo. Since conversion of such stolen property may require associated documents to be processed by banks, it has been requested that all financial institutions be alerted. See the attachment (PDF) which provides additional information and be guided accordingly.

Any information which you may have concerning this matter should be brought to the attention of:

Office of the Comptroller of the Currency
Enforcement & Compliance Division
250 E Street, SW
Washington, DC 20219

Daniel P. Stipano
Director
Enforcement & Compliance Division

Topic(s):

Financial Crime