A U.S. Treasury Department budget proposal to shift Bank Secrecy Act oversight duties from the IRS to state examiners could run into funding troubles from state agencies, say officials.
As many federal agencies have watched their budgets and staffs shrink or remain static in recent years, the U.S. Treasury Department office charged with researching economic sanctions has seen something rare: growth.
House lawmakers Friday passed a $1 trillion appropriations bill that would trim nearly $2 billion from the U.S. Treasury Department's proposed budget, if approved by the Senate.
A little more than two years ago, investigators for a large state got a letter from a U.S. Treasury agency notifying them that the suspicious activity report they had accessed a few weeks earlier had also been viewed by a district attorney's office in another state.
Possible budget cuts for the U.S. financial intelligence unit are spurring concerns that the bureau may curtail its funding of the Internal Revenue Service's anti-money laundering examinations, say current and former federal officials.
Planned budget cuts that would limit cooperation between regional investigators and the U.S. Treasury Department's financial intelligence unit would be nixed under the latest congressional appropriations bill.
Federal officials will work to "mitigate the effect" of a proposed budget cut that would limit law enforcement access to Bank Secrecy Act data, U.S. Treasury Secretary Timothy Geithner said Tuesday.
The proposed cancellation of 142 federal bank data sharing agreements with state and local law enforcement agencies would not impact financial crime investigations, U.S. Treasury Secretary Timothy Geithner said Wednesday.
The U.S. Treasury Department budgetary proposal to end direct access to its Bank Secrecy Act database by 142 law enforcement agencies would have a "destructive effect" on investigations by New York City's top prosecutor, a former Justice Department official said Thursday.
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 U.S. Treasury Department's budget would see a four percent increase over last year's funding under a White House proposal scheduled to take effect in October.