FACT applauds the Senate Appropriations Committee’s new bill expanding funding for the nation’s primary financial intelligence unit, the Financial Crimes Enforcement Network, by more than $25 million.
FACT submitted a statement for the record in the April 30 House Small Business Committee hearing, “Under the Microscope: Examining FinCEN’s Implementation of the Corporate Transparency Act.”
The Treasury has appealed a recent federal court ruling finding the landmark Corporate Transparency Act unconstitutional, as urged by FACT and other transparency advocates.
Congress must move quickly to increase support for the Financial Crimes Enforcement Network, the bureau of Treasury responsible for implementing some of the most significant updates to U.S. anti-money laundering laws in decades.
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.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
