Financial Crimes Enforcement Network
|This article needs additional citations for verification. (June 2009)|
|Financial Crimes Enforcement Network|
|Formed||April 25, 1990|
|Agency executive||Director, Jennifer Shasky Calvery|
|Parent agency||Department of the Treasury|
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes.
As reflected in its name, the Financial Crimes Enforcement Network (FinCEN) is a network, a means of bringing people and information together to fight money laundering. Since its creation in 1990, FinCEN has coordinated the sharing of information with law enforcement agencies and its other partners in the regulatory and financial communities. FinCEN uses cooperation and partnerships in a network approach to combat money laundering domestically and internationally.
FinCEN was established by order of the Secretary of the Treasury (Treasury Order Numbered 105–08) on April 25, 1990. In May 1994, its mission was broadened to include regulatory responsibilities and the Treasury Department's Office of Financial Enforcement (OFE) was merged with FinCEN in October 1994. On September 26, 2002, after Title III of the Patriot Act was passed, Treasury Order 180-01 made it an official bureau in the Department of the Treasury.
It is alleged by many that FinCEN's regulations against structuring are enforced unfairly and arbitrarily – small business people who sell at farmers' markets have been targeted while politically connected people like Eliot Spitzer are not prosecuted.
The USA PATRIOT Act, passed by Congress and signed by President George W. Bush in 2001, requires the Secretary of the Treasury to create a secure network for the transmission of information to enforce the relevant regulations.
FinCEN’s regulations under Section 314(a) enable federal law enforcement agencies, through FinCEN, to reach out to more than 45,000 points of contact at more than 27,000 financial institutions to locate accounts and transactions of persons that may be involved in terrorist financing and/or money laundering. This cooperative partnership between the financial community and law enforcement allows disparate bits of information to be identified, centralized, and rapidly evaluated.
This web interface allows the person(s) designated in §314(a)(3)(A) to register and transmit information to FinCEN.
On March 18, 2013, the Financial Crimes Enforcement Network issued guidelines on using Bitcoin as a currency and Bank Secrecy Act and record-keeping and reporting responsibilities under United States law. Jennifer Shasky Calvery, the director of FinCEN said, “Virtual currencies are subject to the same rules as other currencies. … Basic money-services business rules apply here.”
- Currency transaction report
- FINTRAC – Canada's equivalent to FinCEN
- Money laundering
- Suspicious activity report
- [dead link]
- Walter Olson (2012-04-20). ""Structuring": who can get away with it, and who can't". Overlawyered. Retrieved 2013-11-30.
- "Informal Value Transfer Systems". Financial Crimes Enforcement Network. September 1, 2010.
- Berson, Susan A. (2013). "Some basic rules for using ‘bitcoin’ as virtual money". Amercan Bar Association. Retrieved 10 September 2013.
- Müller, Sebastian R. Hawala. An Informal Payment System and Its Use to Finance Terrorism. Saarbrücken: VDM Verlag, 2006. ISBN 3-86550-656-9, ISBN 978-3-86550-656-6
- 31 U.S.C. § 310 – Financial Crimes Enforcement Network
- Official FinCEN website
- FinCEN website for Money Services Businesses
- Privacy Information
- Global Enforcement Lists