A proposed $24 million cut to the Financial Crimes Enforcement Network threatens to undermine vital anti-money laundering reforms, including the implementation of the Corporate Transparency Act.
Congress unveiled its long-negotiated omnibus spending bill to fund the federal government for fiscal year 2023, which includes $190.2 million for the Financial Crimes Enforcement Network (FinCEN).
Today, Congress passed a continuing resolution to fund the U.S. government through December 16, which now awaits President Biden’s signature. While the measure will ensure that agencies can continue operations at existing budgetary levels, the resolution puts off approving the increased funding for key offices in the U.S. Treasury Department contemplated in both chambers’ appropriations bills for fiscal year 2023.
Today, the House of Representatives passed a six-bill appropriations package (H.R. 8294) for fiscal year 2023 that includes $210.33 million for the Financial Crimes Enforcement Network (FinCEN).
Today, Deputy Treasury Secretary Wally Adeyemo testified before the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG) to urge increased funding for the Financial Crimes Enforcement Network (FinCEN).
The FACT Coalition applauds the inclusion of $52 million in emergency funds for the U.S. Treasury Department as part of the appropriations package passed today by the U.S. Senate. Today’s vote sends the larger $40 billion Ukraine aid package to the President’s desk to sign into law, and will assist Ukraine in the face of Russia’s illegal invasion.
