Treasury Strikes Gold: Big Changes Ahead for FinCEN, Others?

Globalradar15 Apr, 2022Finance

With international money laundering figures on the rise, the United States government is currently weighing its options with respect to bolstering the federal budget with increased allowances for national financial intelligence and sanctions units. The Treasury Department?s Office of Terrorism and Financial Intelligence, as well as their Financial Crimes Enforcement Network (FinCEN), are both expected to receive significant boosts in their overall funding, should their recent proposals be accepted. As of early last week, the U.S. Treasury Department has requested a whopping $212 million to upgrade its foreign intelligence, sanctions and anti-terrorism protocols in the fiscal year of 2023 ? a 14.5% increase over 2022?s mere 5.8% raise in funding.