The Internal Revenue Service's Criminal Investigations (IRS-CI) division for the second straight year began fewer investigations and sought a smaller number of prosecutions for money laundering, terrorist financing and other financial crimes, the agency said Thursday. In a 49-page annual report, the division said that after a period of several years in which it initiated more and more cases, it began only 3,853 investigations in fiscal year 2015, a 10 percent drop from last year's numbers and nearly 30 percent less than the 5,314 investigations IRS-CI commenced in 2013. IRS-CI chief Richard Weber attributed the decline in enforcement to staffing...
The Internal Revenue Service's Criminal Investigation Division initiated 19 percent fewer investigations and recommended nearly 900 fewer prosecutions in fiscal year 2014 than in the previous year, the agency said in a report Tuesday.
The criminal division of the U.S. Internal Revenue Service will send representatives to two nations in an effort to better coordinate financial crime investigations, a senior agency official said Monday.
Thousands of small money services businesses have lost some federal anti-money laundering oversight and guidance due to budget cuts involving two U.S. Treasury agencies, according to current and former government officials.
The Internal Revenue Service is understaffed and unable to effectively conduct Bank Secrecy Act examinations on the thousands of non-bank financial companies for which it has oversight responsibility, according to compliance professionals.
Jewelry dealers left an AML seminar last week in New York with unanswered questions about their Bank Secrecy Act responsibilities. The IRS representative who led the session said she couldn't give certain answers in part because she doesn't yet know the particulars of the industry.