Financial Crimes Enforcement Network – FinCEN
By Jim Robinson

Financial Crimes Enforcement Network – FinCEN

Money laundering involves disguising financial assets so they can be used without detection of the illegal activity that produced them. Through money laundering, the criminal transforms the monetary proceeds derived from criminal activity into funds with an apparently legal source.

This process has devastating social consequences. For one thing, money laundering provides the fuel for drug dealers, terrorists, arms dealers, and other criminals to operate and expand their criminal enterprises. We know that criminals manipulate financial systems in the United States and abroad to further a wide range of illicit activities. Left unchecked, money laundering can erode the integrity of our nation's financial institutions.

FinCEN’s mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.

Hundreds of thousands of financial institutions are subject to Bank Secrecy Act reporting and recordkeeping requirements. These include depository institutions (e.g., banks, credit unions and thrifts); brokers or dealers in securities; money services businesses (e.g., money transmitters; issuers, redeemers and sellers of money orders and travelers' checks; check cashers and currency exchangers); casinos and card clubs; and dealers in precious metals, stones, or jewels.

The USA PATRIOT Act of 2001, enacted shortly after the 9/11 attacks in America, broadened the scope of the Bank Secrecy Act to focus on terrorist financing as well as money laundering. The Act also gave the Financial Crimes Enforcement Network additional responsibilities and authorities in both important areas, and established the organization as a bureau within the Treasury Department. Get More Details on FinCEN