RealNews

FinCEN data sharing yields leads on financial crimes

An information-sharing program that the Financial Crimes Enforcement Network administers has provided many leads, some of which have led to indictments, for terrorist financing and money laundering, the Treasury Department said today. Through Treasury’s FinCEN, federal law enforcement agencies can reach more than 29,000 financial institutions to locate accounts and transactions of persons or groups that may be involved in terrorist financing or money laundering. The information-sharing system provided data for federal law enforcement for 64 terrorism and terrorist financing cases and 124 money laundering cases from February through November. The leads resulted in three indictments, 21 subpoenas, 11 search warrants and 407 grand jury subpoenas. “This cooperative partnership between the financial community and law enforcement allows disparate bits of information to be identified, centralized and rapidly evaluated,” FinCEN director William Fox said. Full Story

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