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With Expected 2012 Budget Cuts, IRS Officials See Funding Battle with FinCEN
By Brian Monroe
printPossible 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. Since 2001, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) has contributed roughly $9 million annually to the IRS's anti-money laundering (AML) division. The money is reimbursed to the tax agency for expenses it has accrued examining non-bank institutions, including money services businesses (MSBs), for Bank Secrecy Act compliance. But IRS officials have "growing concerns" that FinCEN may draw back its funding going forward once fiscal year...
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