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Financial Crimes Enforcement Network

 
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Financial Crimes Enforcement Network
 
 
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The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury
United States Department of the Treasury

The Department of the Treasury is an United States federal executive departments and the treasury of the United States Federal government of the United States....
 that collects and analyzes information about financial transactions in order to combat money laundering
Money laundering

The definition of money laundering is dependent on the jurisdiction in which the act takes place.In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money....
, 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 the complex problem of money laundering.






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Encyclopedia


The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury
United States Department of the Treasury

The Department of the Treasury is an United States federal executive departments and the treasury of the United States Federal government of the United States....
 that collects and analyzes information about financial transactions in order to combat money laundering
Money laundering

The definition of money laundering is dependent on the jurisdiction in which the act takes place.In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money....
, 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 the complex problem of money laundering. Since its creation in 1990, FinCEN has worked to maximize information sharing among law enforcement agencies and its other partners in the regulatory and financial communities. Working together is critical in succeeding against today's criminals. No organization, no agency, no financial institution can do it alone. Through cooperation and partnerships, FinCEN's network approach encourages cost-effective and efficient measures to combat money laundering domestically and internationally.

The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering, and other illicit activity.

Fincen Organization
It 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
USA PATRIOT Act, Title III

The USA PATRIOT Act was passed by the United States United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, each containing numerous sections....
 of the USA PATRIOT Act
USA PATRIOT Act

The USA PATRIOT Act, commonly known as the "Patriot Act", is a Act of Congress that President George W. Bush signed into law on October 26, 2001....
 was passed, Treasury Order 180-01 made it an official bureau in the Department of the Treasury
Department of the Treasury

Several countries have a Department of the Treasury. These departments include:* Department of the Treasury * United States Department of the Treasury...
.

314 Program

The USA PATRIOT Act of 2001, §314(a) 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.

See also

  • Currency Transaction Report
    Currency transaction report

    A currency transaction report is a report that U.S. financial institutions are required to file for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000....
  • Suspicious Activity Report
    Suspicious activity report

    A Suspicious Activity Report is a report regarding suspicious or potentially suspicious activity, filed with the Financial Crimes Enforcement Network , an agency of the United States Department of the Treasury....


External links

- Financial Crimes Enforcement Network


External sources


  • Hawala. An Informal Payment System and Its Use to Finance Terrorism by Sebastian R. Müller, Dec. 2006, VDM Verlag, ISBN: ISBN-10: 3865506569, ISBN-13: 978-3865506566