Global Financial Integrity (GFI) has published a policy paper that provides five strategic recommendations the administration of new US President Biden and Congress could use to reform the treasury department’s Financial Crimes Enforcement Network (FinCEN) to better protect national security.
Enhancing National Security by Reimagining FinCEN provides ideas which would reform an agency that some contributors to the paper believe is “struggling . . . to meet the nation’s emerging money laundering challenges.”
Stature and data
After concluding that reform of FinCEN is much needed, the report by the Washington–based think tank focused on illicit financial flows makes several recommendations.
It suggests that the FinCEN director should be given a seat on the Deputies Committee of the National Security Council to raise the agency’s stature within the national security community.
The paper also recommends the creation within FinCEN of a National Anti-Money Laundering Data Centre (NALDC) for advanced data collection, synthesis, analysis and distribution to law enforcement for anti-money laundering activity.
Technology, training and trends
Another recommendation is for the establishment of a project to identify, develop and operationalise state of the art technologies needed to fulfil the technology needs of a NALDC.
The paper recommends the launch within FinCEN of a National Anti-Money Laundering Training Centre which would be an anti-money laundering knowledge and education hub for FinCEN staff, financial institution regulators, law enforcement at the federal, state and local levels and for state and federal prosecutors.
It also suggests the creation of a Strategic Analysis Team to examine emerging and long-term trends in money laundering methods and computer technologies to counter those threats.
GFI’s report, Enhancing National Security by Reimagining FinCEN, can be found here.
Categories: Trade Based Financial crimes News
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