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Mandatory budget cuts scheduled to take effect in eight days would hinder the U.S. Treasury Department's efforts to crack down on money laundering and terrorist financing, say top federal officials.
Law enforcement agencies and other government officials may find it harder to attend industry conferences in the coming year following allegations of wasteful spending at the General Services Administration, say sources.
A U.S. Treasury Department budget proposal to shift Bank Secrecy Act oversight duties from the IRS to state examiners could run into funding troubles from state agencies, say officials.
The White House proposed Monday trimming the U.S. Treasury Department's budget by three percent for the coming fiscal year, including a seven percent drop in funding for the country's financial intelligence unit.
U.S. and foreign banks are awaiting official guidance on how to adhere to a new American sanctions law against the Central Bank of Iran before implementing its screening procedures.
House lawmakers Friday passed a $1 trillion appropriations bill that would trim nearly $2 billion from the U.S. Treasury Department's proposed budget, if approved by the Senate.
Possible budget cuts for the U.S. financial intelligence unit are spurring concerns that the bureau may curtail its funding of the Internal Revenue Service's anti-money laundering examinations, say current and former federal officials.
Planned budget cuts that would limit cooperation between regional investigators and the U.S. Treasury Department's financial intelligence unit would be nixed under the latest congressional appropriations bill.
A proposed funding cut that would restrict some governmental access to a U.S. Bank Secrecy Act database could also make it harder for state examiners to vet banks and money services businesses, say critics of the plan.
The U.S. Treasury Department's budget would see a four percent increase over last year's funding under a White House proposal scheduled to take effect in October.
The U.S. Treasury Department's Financial Crimes Enforcement Network would see its budget rise by nine percent for fiscal year 2011 under a Senate proposal released Tuesday.
Budgetary constraints and understaffing are hampering U.S. Treasury Department plans to update technology used by its financial intelligence unit to gather and store data, U.S. lawmakers said Wednesday.
The Obama administration Thursday proposed funding increases for federal bank supervision and the U.S. Treasury Department agency that oversees the implementation of the Bank Secrecy Act.
