At 07:31 PM 10/10/95 -0800, Douglas Barnes wrote:
When you combine these elements, you get a strategy that permits the US government to confiscate worldwide correspondent accounts of banks, even if they don't have a US presence.
This is doubtless one of the reasons why the US$ is rapidly losing its place as the preferred currency for international transactions.
acceptance of US-dollar negotiable instruments by a bank anywhere in the world outside of the US renders the bank susceptible to US criminal jurisdiction in the money laundering field.
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