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Experts say that FinCEN documents will help combat financial crimes

A new survey on the financial sector found broad support for the following views: FinCEN file The investigation will help combat global corruption.

Most interviewees said that the series of reports by BuzzFeed News and the International Federation of Investigative Journalists will have a positive impact on efforts to curb financial crime.

Response is a Polls 340 bank insiders, regulators and other financial industry experts Registered Anti-Money Laundering Expert Association, The world’s largest financial crime expert organization. The poll, released last week, touched on the many issues these officials face every day—from the type of guidance they receive from the Treasury Department to the tools they use to track financial crimes.

The FinCEN document is an unprecedented review of global financial corruption and the resulting banks and policies. It is based on thousands of secret “suspicious activity reports” provided by the Ministry of Finance.Before the series was published in September 2020, the Ministry of Finance caveat Disclosure may “affect the national security of the United States” and “endanger law enforcement investigations”.

Now half a year later, only 27% of respondents said they think the effect will be negative. A total of 46% of the interviewees stated that they believe the project will lead to enhanced regulatory review of financial institutions or voluntary strengthening of anti-corruption measures.

Ross Delston, a lawyer and money laundering expert, said the result was surprising.

“SAR will never be exposed, never mentioned, and always protected. This has almost become a religious commandment,” he said. “Based on this alone, I think it will make compliance professionals skeptical of any information being released.”

He added that “Initially, FinCEN”-the Ministry of Finance’s Financial Crime Enforcement Network-“seems to think that disclosure will harm their work. The reality is that this may confirm their work.”

Congress recently passed a landmark legal To close the main loophole for money launderers, the main lawmakers believe that the FinCEN document helps it cross the line. The Corporate Transparency Act will make it more difficult for individuals to hide their identity behind so-called shell companies.

The industry still faces severe challenges.

Nearly 80% said that regular national guidelines on how to combat money laundering “would help.” Nearly two-thirds suggested that regulators should provide them with better feedback on their reports. Nearly 65% ​​of respondents believe that there is a harmful “time difference” between suspicious financial transactions and the time they are reported to the Ministry of Finance.

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