US: GAO REPORT – ACTION NEEDED TO IMPROVE DoJ STATISTICS ON USE OF REPORTS ON SUSPICIOUS FINANCIAL TRANSACTIONS

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

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

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NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

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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