Experts say that FinCEN documents will help combat financial crimes

A new survey of the financial sector found that there is widespread support for the following views: FinCEN file The investigation will help combat global corruption.

Most interviewees said that the series of reports by BuzzFeed News and the International Association of Investigative Journalists will have a positive impact on efforts to curb financial crime.

The response is Polls The 340 bank insiders, supervisors and other financial industry experts are composed of the world’s largest financial crime expert organization-the Certified Anti-Money Laundering Expert Association. The polls released last week touched on the many issues these officials face every day-from the type of guidance they receive from the Treasury Department to the tools they use to track financial crimes.

The FinCEN document examines global financial corruption and the banks and policies that led to its bankruptcy in an unprecedented way. It is based on thousands of secret “suspicious activity reports” from the Ministry of Finance.Before the series was released in September 2020, the Ministry of Finance caveat Disclosure may “impact the national security of the United States” and “damage law enforcement investigations.”

Half a year later, only 27% of the respondents said that they thought the impact would be negative. A total of 46% of the respondents said that they believe the project will lead to increased regulatory review of financial institutions or voluntary strengthening of anti-corruption measures.

Ross Delston, a money laundering lawyer and expert, said the result was surprising.

He said: “SAR will never be exposed, never mentioned, and always must be protected. This has almost become a religious commandment,” he said. “On this basis alone, I think this will make compliance professionals skeptical of any release of information.”

He added that “Initially, FinCEN” (the Ministry of Finance’s Financial Crime Enforcement Network) seemed to think that such disclosure would harm their work. The reality is that it may affirm their work. “

Congress recently passed a commemorative event legal A major loophole for money launderers was resolved, and leading lawmakers attributed the FinCEN documents to their help. The Corporate Transparency Act will make it more difficult for individuals to hide their identity behind so-called shell companies.

The industry still faces severe challenges.

Nearly 80% said that regular national guidelines on how to combat money laundering “will help.” Nearly two-thirds of the suggested regulators should give better feedback on the reports they submit. Almost 65% of respondents believe that there is a “time lag” between suspicious financial transactions and reporting to the Ministry of Finance.

Source link