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:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“One is absolutely sickened, not by the crimes that the wicked have committed, but by the punishments that the good have inflicted; and a community is infinitely more brutalised by the habitual employment of punishment than it is by the occasional occurrence of crime.”
—Oscar Wilde (1854–1900)
“Parents need all the help they can get. The strongest as well as the most fragile family requires a vital network of social supports.”
—Bernice Weissbourd (20th century)