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White House Proposes Bigger Budget for IRS, Cuts for FinCEN
By Colby Adams
printThe 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. The Obama administration fiscal year 2012 budget plan, released Monday, would allocate $14 billion to the U.S. Treasury Department, with the lion's share-95 percent-set aside for the Internal Revenue Service. The White House would cut funding for the department's Financial Crimes Enforcement Network (FinCEN) from $111 million to $84 million under the plan. The 24 percent budget decrease would bring FinCEN roughly back to its fiscal year 2008 budget levels, in part by canceling...
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The Obama administration's plan to increase annual appropriations for IRS enforcement efforts by more than $1 billion met criticism Tuesday from Republican members of the U.S. Senate Finance Committee.
Several Treasury Department agencies tasked with fighting money laundering and other financial crimes would see modest budget increases in a White House plan disclosed Monday.
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.
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.
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.
A proposed funding cut that would restrict some governmental access to a U.S. Bank Secrecy Act database could also make it harder for state examiners to vet banks and money services businesses, say critics of the plan.
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.
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.
The Obama administration Thursday proposed funding increases for federal bank supervision and the U.S. Treasury Department agency that oversees the implementation of the Bank Secrecy Act.
The Bush Administration is asking $5.6 billion for the U.S. Immigration and Customs Enforcement (ICE), including budget increases to combat cyber crime, a growing niche of money laundering.
The proposed $91.3 million budget, a fraction of the total Treasury Department budget released Monday, includes $82.2 million for BSA administration and analysis and $9.2 million for regulatory support programs, including coordinating with the Internal Revenue Services to ensure BSA compliance.