On 25 August, the Government Accountability Office issued a report saying that illegal financial activity can threaten safety and national security. Banks must report potentially illegal transactions to FinCEN, which makes the reports available to law enforcement agencies to help with investigations. However, law enforcement agencies usually don’t track data on the usefulness of these reports, so FinCEN can’t provide feedback to banks about the reports’ effectiveness. To facilitate this feedback, the DoJ is required to provide information about the usefulness of these reports, but it doesn’t collect adequate data to do so. The report contains recommendations address these issues.
https://www.gao.gov/assets/gao-22-105242.pdf
https://www.gao.gov/assets/gao-22-105242-highlights.pdf
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