News

Financial crime analysts and corporate transparency advocates are urging U.S. officials to begin automatically logging cross-border payments of more than $3,000 as mandated by the Intelligence Reform and Terrorism Prevention Act, legislation adopted nearly two decades ago. Despite finding the mandate feasible in an October 2006 study, reiterating that finding in a January 2009 follow-up report and issuing a formal proposal the following year, the Treasury Department's Financial Crimes Enforcement Network, or FinCEN, has yet to build the platform or further develop its plan to do so. In the past few weeks, however, one Washington, D.C.-based policy organization and the...