ALERT 99-6
Bank Supervision and Money Laundering Prevention
Financial Transactions Involving Antigua and Barbuda
Date:  April 8, 1999

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

RE:  Enhanced Scrutiny for Transactions Involving Antigua and
     Barbuda

     The Financial Crimes Enforcement Network (FinCEN) of the
     United States Department of the Treasury has issued an
     advisory regarding all financial transactions into or out of
     Antigua and Barbuda.

     The advisory states that revisions to Antigua and Barbuda
     anti-money laundering rules and regulations may weaken the
     government's ability to effectively supervise this area.  In
     addition, the supervision of the offshore banking sector has
     been transferred to the new International Financial Sector
     Authority, whose management includes representatives of the
     institutions supervised by the Authority.  Please see the
     attached FinCEN Advisory: Issue 11.  

     Any information which you may have concerning this matter
     should be brought to the attention of:
               Office of Communications
               FinCEN
               2070 Chain Bridge Road
               Vienna, VA  22182
               (703) 905-3773


                                                       
     Daniel P. Stipano
     Director
     Enforcement & Compliance Division                            
        
     Attachment