GAO Criticizes FinCEN for Overlooking Law Enforcement’s SARs Needs

By Matthew Squire and Brian Monroe

The U.S. Treasury needs to improve its collaboration with law enforcement and other stakeholders as it tries again to revise its process for reporting suspicious financial transactions, according to a U.S. Government Accountability Office report issued on Monday. FinCEN failed to consider the concerns of law enforcement analysts during its attempt to revise the suspicious activity report (SAR) form in 2006 and has not come up with a plan to improve collaboration in re-making the form, according to the GAO's report dated February 2009. Currently, depository institutions use a form last revised in 2003 to file SARs and FinCEN's attempts...