ORLANDO, FLORIDA / AGILITYPR.NEWS / September 12, 2023 / Congress to Considers Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) Options for Better FinCen Transparency and Accountability
Call to Action: Congress must consider policy regarding the operational independence for Financial Intelligence Units (FIUs), with a specific focus on the U.S. Financial Crimes Enforcement Network (FinCEN) and its role in combating money laundering and terrorist financing. FIUs are agencies that receive reports of suspicious transactions from financial institutions and other persons and entities, analyze them, and disseminate the resulting intelligence to local law-enforcement agencies and FIUs to combat money laundering. As government agencies, FIUs must retain sufficient independence to accomplish their objectives without undue interference or influence.
Stat/ Fact: The United States is a leader in the fight against money laundering and the financing of terrorism. Up to $300 billion is laundered in the US annually, with AML compliance costing US firms up to $25.3 billion per year.
Analogy: “Effective anti-money laundering and combating the financing of terrorism regimes are essential to protect the integrity of markets and of the global financial framework as they help mitigate the factors that facilitate financial abuse.” - Min Zhu, Former Deputy Managing Director of the International Monetary Fund (IMF)
Here are some key takeaways from this overview as Congress and the public interest considers new policy considerations in the fight against money laundering and financing of terrorism:
This information provides a detailed overview of the role of FIUs, particularly FinCEN, in the context of AML/CFT efforts, and highlights the critical importance of maintaining operational independence to effectively combat financial crimes. Stay tuned as the Administration and Congress and the Administration come together to reach both new policy considerations and a funding agreement for the current fiscal year (FY) that delivers for the protection of the American people.
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