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European Privacy Laws Hindering War Against Terrorism, Money Laundering, Say Ex-FinCEN Officials
By Brian Orsak
printEuropean and other non-U.S. data protection and privacy laws will seriously impede international efforts to stymie financial crimes, two former U.S. regulators said Thursday. William Langford and William Fox, both former officials with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), the agency responsible for setting federal anti-money laundering rules, made the remarks during a financial crime conference in New York sponsored by the Financial Times. Because data protection laws in Europe and elsewhere make it difficult for a multinational financial institution to share data among all of its branches, the laws "will be the biggest impediment to protection...
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