Proposed Cuts to FinCEN Data Sharing Would Hinder Investigations, Say Former Officials

By Colby Adams and Brian Monroe

A planned cost-saving rollback of 142 federal bank data sharing agreements would hinder state and local investigations into suspected money laundering and terrorist financing, according to former law enforcement agents. The revocation of the agreements between the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and state and local law enforcement agencies would save the department $1.4 million and account for nearly half of a proposed $3 million funding cut for the bureau under the Obama administration's fiscal year 2012 budget. Under the plan, recommended in FinCEN's 2012 budget request, state and local law enforcement agencies would no longer have...