United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1998-04-01 monographic deposited born digital 30 p. GA 1.13:T-GGD-98-83 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-98-83 P0b002ee18039e596 f:gg98083t DGPO 2010-08-12 2011-03-28 GAOREPORTS-T-GGD-98-83 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-98-83 T-GGD-98-83 Agency missions Money laundering Banking law Regulatory agencies Law enforcement White collar crime International relations Federal/state relations Treasury Project Gateway ONDCP High Intensity Drug Trafficking Area Program Testimony GGD GAO discussed the various anti-money laundering roles of the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).<p/>GAO noted that: (1) FinCEN was established in 1990 to support law enforcement agencies by analyzing and coordinating financial intelligence information to combat money laundering; (2) in supporting law enforcement, FinCEN has issued fewer analytical products in fewer years; (3) a primary reason FinCEN officials gave for this change is that FinCEN's staffing levels have remained fairly constant, while its overall mission has expanded; (4) also, FinCEN has been encouraging and training other federal, state, and local law enforcement agencies to access and analyze source data directly either through FinCEN resources or their own; (5) federal and state officials GAO interviewed indicated general satisfaction with FinCEN's products and services; (6) most nonusers told GAO that they rely on in-house capabilities or use intelligence or analytical support centers other than FinCEN; (7) GAO's recent report on FinCEN's regulatory role concluded that FinCEN needs to better communicate its regulatory priorities and time lines, particularly regarding regulations authorized or required by the Money Laundering Suppression Act (MLSA) of 1994; (8) FinCEN did not meet any of the three statutory deadlines imposed by the 1994 act, and final regulations for several provisions of the act are still pending; (9) the intended law enforcement benefits of the MLSA amendments cannot be fully achieved until all of the regulations are implemented; (10) in 1992, GAO reported that Treasury was taking about 21 months, on average, to process civil penalty referrals for Bank Security Act violations; (11) since then, the average has grown to about 3 years, according to FinCEN data; (12) GAO is working with FinCEN to identify reasons for the increase in processing time; (13) FinCEN's principal international efforts include: (a) working with international organizations to promote the development of effective anti-money laundering controls; and (b) helping other nations establish financial intelligence units, which serve as the central focal points for these countries' anti-money laundering efforts; and (14) FinCEN's Office of International Programs is the agency's second largest organizational component. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-98-83/html/GAOREPORTS-T-GGD-98-83.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-98-83/pdf/GAOREPORTS-T-GGD-98-83.pdf GAO/T-GGD-98-83 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-98-83 Testimony GAO/T-GGD-98-83; Money Laundering: FinCEN's Law Enforcement Support, Regulatory, and International Roles; Agency missions Money laundering Banking law Regulatory agencies Law enforcement White collar crime International relations Federal/state relations Treasury Project Gateway ONDCP High Intensity Drug Trafficking Area Program Volume 84 Page 1114 84 Stat. 1114 Volume 107 Page 285 107 Stat. 285 Volume 108 Page 2160 108 Stat. 2160 Public Law 91-508 Public Law 103-62 Public Law 103-325