News

FinCEN Eyes New Targets for Patriot Act Designations

By Valentina Pasquali

A senior U.S. official has signaled that a legal power typically used against foreign banks and nations that allegedly handle criminal and terrorist funds may soon be deployed against more-unorthodox targets: certain types of transactions and financial relationships. Designating certain financial instruments as a "primary money laundering concern" under the Patriot Act may give the U.S. a view into the rapidly evolving financial sector, where transactions and investments increasingly bypass traditional banks, said Jamal El Hindi, deputy director of the Treasury Department's Financial Crimes Enforcement Network. "[Amid] the potential for greater disintermediation, it makes perfect sense ... to consider appropriate...

TO READ THE FULL STORY