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US Officials Eye Budget Boost for FinCEN, OFAC

By Valentina Pasquali

U.S. officials have asked Congress to approve millions of dollars in additional funding for the Financial Crimes Enforcement Network and the Office of Foreign Assets Control for the next fiscal year, congressional testimony and budget documents show. The supplementary resources would enable FinCEN and OFAC to improve their oversight of cryptocurrency exchanges, and enforcement of sanctions against Russia, North Korea, Iran and Venezuela, among other tasks, Treasury Secretary Steven Mnuchin told members of the Senate Appropriations Committee on Wednesday. The Terrorist Financing Targeting Center, a U.S.-Saudi initiative to pursue terrorist financiers in the Middle East, would receive an injection of...

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