The U.S. Treasury Department's Financial Crimes Enforcement Network would see its budget rise by nine percent for fiscal year 2011 under a Senate proposal released Tuesday. If adopted, the Senate Omnibus Appropriations Act, which would allocate over $1 trillion to federal programs through next September, would set the financial intelligence unit's annual budget at just over $121 million, up from the $111 million given to the agency for FY 2010. The planned appropriations would also exceed the bureau's FY 2011 budget request by $10 million. The proposed increase coincides with costs incurred by the agency's IT Modernization Initiative, a multi-year,...
The White House proposed Monday trimming the U.S. Treasury Department's budget by three percent for the coming fiscal year, including a seven percent drop in funding for the country's financial intelligence unit.
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.
In the wake of the Sept. 11 terrorist attacks, the U.S. Treasury Department's financial intelligence unit had one overriding objective: to better share its cache of Bank Secrecy Act data with investigators.
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.