FinCEN Fell Short in 2007 on Finalizing AML Rules, Setting Stored Value Guidelines

By Brian Orsak

The U.S. Treasury Department's financial intelligence unit did not meet a number of its 2007 goals, including finalizing anti-money laundering rules for investment and commodity trading advisors, a government report released Wednesday revealed. The Financial Crimes Enforcement Network (FinCEN) also left unfulfilled its plans to create a regulatory framework for stored value products and services, bureau spokesman Steve Hudak said Wednesday. Failures to meet the goals were "a matter of resources and priorities," said Hudak, who declined to comment on whether goals outlined for fiscal 2007 would be met by the end of the current fiscal year. Financial industry trade...