cover image: Update on Anti-Money Laundering Data from FinCEN

Update on Anti-Money Laundering Data from FinCEN

16 Sep 2024

The Financial Crimes Enforcement Network (FinCEN) has been the subject of scrutiny for years over its lack of transparency. The agency recently started to provide some information to the public but that information largely confirms long-held suspicions, namely that the Bank Secrecy Act's mandatory financial surveillance is far from justified. To set the foundation, FinCEN's 2023 "Year in Review" report revealed that banks and other financial institutions filed 27.56 million reports under the Bank Secrecy Act during the 2023 fiscal year (Table 1). The vast majority of these reports (20.8 million) were filed as currency transaction reports, or CTRs, when people made a transaction of $10,000 or more. A long-standing issue has been whether mandating the filing of these millions of reports has been worthwhile. Billions of dollars are being spent in compliance with a regime that requires financial institutions to report millions of transactions. So, how many criminals are being caught?
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Authors

Nicholas Anthony

Pages
3
Published in
United States of America

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