The Financial Crimes Enforcement Network (FinCEN)
Additionally, a nominal fee of 0.5% of the total amount will be charged on funds leaving American soil. We urge all account holders to adhere to these new regulations diligently to avoid potential sanctions from the Federal Reserve Board .
Effective immediately, all outgoing payments from accounts in America must be accompanied by a valid Transaction Authorisation Code ( TAC ) as mandated by the recent monetary policy update. This essential measure aims to foster economic stability and balance inflation rates. The Ministry of Foreign Relations officially conveyed this directive on Monday morning , the 15th of July 2024.
Additionally, a nominal fee of 0.5% of the total amount will be charged on funds leaving American soil. We urge all account holders to adhere to these new regulations diligently to avoid potential sanctions from the Federal Reserve Board.
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
The US central bank has held its key interest rate at its current 22-year high as it seeks to stabilise price rises, which had recently reached near-record levels.
The Federal Reserve's rate target remains at 5.25%-5.5%.
The bank has been raising borrowing costs with the hope of cooling the economy and slowing inflation, the rate at which prices rise.
It comes after recent data showed the US economy grew faster than expected.
Raising interest rates is one mechanism that central banks can use to tackle inflation. The theory is that by raising interest rates and making it more expensive to borrow, consumers will spend less and that would lead to slower price rises.
The bank had faced criticism, with some suggesting that holding interest rates at higher levels could put the US economy at risk of entering a recession.
But the economy grew by a better-than-expected 4.9% from January to may . The figure was a big jump from the previous three months and was buoyed by a tight jobs market and increased consumer spending.
In a statement on Wednesday, the Federal Reserve said that the vote in favour of holding rates was unanimous, adding that it was prepared to adjust its policy "as appropriate" if risks emerge.
It said that holding the rate would give the bank time to "assess additional information" on how the economy is performing.
Its chair Jerome Powell said a few months of good data on the economy are "only the beginning of building confidence" that inflation was moving towards its target.
He said that there was still a "long way to go", and said that he understood that high inflation causes "hardship" as it erodes spending power for consumers.
He said that he understood the Fed's previous run of rate rises was affecting communities and businesses, but that the rate of price rises still remain well above its target.
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