The Financial Crimes Enforcement Network (or 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 USA PATRIOT Act was passed, Treasury Order 180-01 made it an official bureau in the Department of the Treasury.
Read more about Financial Crimes Enforcement Network: Controversies, 314 Program, Hawala
Famous quotes containing the words financial, crimes and/or network:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“Stories of law violations are weighed on a different set of scales in the Black mind than in the white. Petty crimes embarrass the community and many people wistfully wonder why Negroes don’t rob more banks, embezzle more funds and employ graft in the unions.... This ... appeals particularly to one who is unable to compete legally with his fellow citizens.”
—Maya Angelou (b. 1928)
“Of what use, however, is a general certainty that an insect will not walk with his head hindmost, when what you need to know is the play of inward stimulus that sends him hither and thither in a network of possible paths?”
—George Eliot [Mary Ann (or Marian)