STRUGGLING FinCEN REQUIRES REFORM

On 1 March, ICIJ reported that the US must remake the federal agency at the centre of the fight, according to a new report that draws on the views of top AML experts.  It is said to be underfunded and overstretched in its role as a leading player in the global effort to catch money launderers and other sophisticated financial criminals who use shell companies, cryptocurrencies and other tools to hide their activities.  The report urges the government to boost FinCEN’s funding and to embrace fundamental changes in how the agency operates, and to develop new ways to use data and cutting-edge technology to fight financial crime.

https://www.icij.org/investigations/fincen-files/major-reforms-needed-at-struggling-us-agency-that-leads-dirty-money-fight-report-says/

The Global Financial Integrity report is at –

https://gfintegrity.org/report/enhancing-national-security-by-reimagining-fincen/

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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