|FYI — December 2003|
|By Brad Dunn|
Word with...Capt. Dana Sinclair
Q: First, what
influenced you to pursue a career in boating?
Q: Your company
focuses on teaching boating basics to beginners. What’s the hardest
thing to teach?
Q: Do you have
any tricks to teach people how to dock?
Q: What advice
would you give someone starting off a new boating business?
Terrorists, Now Money Launderers
In 1988 the government labeled all sellers of planes, cars, and boats as financial institutions. Like banks and casinos, these businesses are generally required to perform rigorous antimoney-laundering practices, such as verifying customers’ identifications and reporting any suspicious activity to federal authorities. Until now, boat dealers have enjoyed an exemption.
In October, however, the Treasury Department announced it was considering dropping the exemption. If so, any boat dealer that doesn’t perform the required checks faces civil and criminal penalties totaling up to $61,000 per violation and up to ten years in prison. The dealership itself could also face a fine of up to $1 million.
This article originally appeared in the November 2003 issue of Power & Motoryacht magazine.