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Reliance on Other Agencies Complicates FinCEN’s Bid to Toughen Enforcement
By Colby Adams
printEfforts to ramp up the U.S. financial intelligence unit's enforcement of the Bank Secrecy Act have run into a longstanding hurdle: the bureau's reliance on financial regulators for case leads. Under the directorship of former federal prosecutor Jennifer Shasky Calvery, the Financial Crimes Enforcement Network's once-separate compliance and enforcement functions have been combined into a single office within the new Division of Enforcement. The bureau, known as FinCEN, has staffed the division with former federal prosecutors. The division's establishment came as part of a bureau-wide reorganization that commenced in June 2013, and a subsequent hiring campaign intended to enhance the...
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