Sunday, April 5, 2015


The National Credit Union Administration (NCUA) this week liquidated North Dade Community Development Federal Credit Union "after determining the credit union had violated various provisions of its charter, bylaws and federal regulations. *" The credit union had $2bn in obviously suspicious transactions, all conducted for foreign MSBs, in an atmosphere of a total absence of compliance.

We have previously detailed the reportedly massive money laundering that occurred at North Dade Community Development FCU; kindly access that article for complete details.**

The question most observers in the Miami financial community are asking: when will the officers & directors of North Dade be indicted ? And why has FinCEN failed to name ANY of the 57 foreign MSBs implicated, so that the rest of us can avoid them ?

I would appreciate a direct answer to the second question, from the Director of FinCEN, who is charged with protecting the US financial community, and not with hiding information from America's bankers. There's no way that the MSB names should be classified; do the right thing and release them, as well as sanction them, in 2015, not several years later, please.  

**FinCEN Hits Small Miami MSB for Global Operation with Zero Compliance

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