News
Congressional Impasse Threatens AML Investigations, Says Treasury Secretary
By Colby Adams
printMandatory 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. In a Feb. 7 letter, Acting Treasury Secretary Neal Wolin told lawmakers that the majority of the department's 111,000 employees would face furloughs if the cost cuts required by the Budget Control Act of 2011 take effect. The legislation would eliminate billions of dollars from agency budgets should lawmakers fail to reach a spending agreement or postpone the sequestration by March 1. "Spending cuts required by the sequester would force...
TO READ THE FULL STORY
Related News
A decision by the U.S. Treasury to reshape the nation's financial intelligence unit has spurred serious concerns about the direction of the agency.
The U.S. Treasury Department's financial intelligence unit is hiring three top-ranking officials as part of a restructuring announced in June.
U.S. law enforcement officials and regulators have queried the nation's financial intelligence unit about securities settlements that use the world's top financial messaging platform, according to the agency's director.
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.
As many federal agencies have watched their budgets and staffs shrink or remain static in recent years, the U.S. Treasury Department office charged with researching economic sanctions has seen something rare: growth.
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.
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.
Venezuela announces plans to create a public bond market, 14 individuals charged with providing material support to a terrorist organization, in this week's roundup.
A proposal by the nation's largest bank lobbyist to overhaul the role of the U.S. Treasury Department's Financial Crimes Enforcement Network is getting a cool reception from government officials.
The country's largest banking association proposed a sweeping overhaul of U.S. anti-money laundering enforcement that would create a governmental entity responsible for overseeing Bank Secrecy Act compliance.
The proposed $91.3 million budget, a fraction of the total Treasury Department budget released Monday, includes $82.2 million for BSA administration and analysis and $9.2 million for regulatory support programs, including coordinating with the Internal Revenue Services to ensure BSA compliance.
The U.S. Treasury's Financial Crimes Enforcement Network has named former Citigroup executive Peter Goodyear as the head of its Bank Secrecy Act data analysis unit.
The write off-for equipment, software and labor related to BSA Direct-accounted for more than half of a 24 percent drop in FinCEN's total assets in the year ended September 30, 2007, according to a government audit.
The system, expected to be in operation next month, will help banks streamline the process of providing examiners with proof of compliance with law enforcement requests, FinCEN Director James Freis said.
Individuals can use the new tool to search more than 220 file types, including forms and regulations, on FinCEN's Web sites.
The agency is seeking feedback from financial institutions on the usefulness of SAR Activity Review-Trends, Tips & Issues and SAR Activity Review- By the Numbers, both published twice a year.
Leaders of the U.S. House Financial Services Committee have requested a study of the effectiveness of anti-money laundering and anti-terrorist financing reporting requirements and the Financial Crimes Enforcement Network's efficiency in administering them.
The addition is part of a U.S. Treasury Department initiative announced June 22 by Secretary Henry Paulson to reduce the BSA-related burden on financial institutions.
Treasury Secretary Henry Paulson, speaking Friday at the Financial Crimes Enforcement Networks headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses industry.
The House Financial Services committee plans to hold a hearing in July to consider a bill that would authorize FinCENs proposed $85.8 million budget for fiscal 2008. The bill would also authorize FinCEN funding for fiscal 2009 through 2012.