Article: Five ways Biden could crack down on dirty money and financial secrecy

Article - Academic, Publications

Five ways Biden could crack down on dirty money and financial secrecy

Brenda Medina, 01 April 2021

Early rhetoric from the Biden administration has encouraged anti-corruption advocates that the new president’s tenure in the White House may mark a turning point in the fight against dirty money and tax haven abuse — two overlapping problems made worse by a veil of secrecy that shields vast sums of money from tax collectors and law enforcement authorities.

“We will crack down on tax havens and illicit financing that contribute to income inequality, fund terrorism, and generate pernicious foreign influence,” the administration’s Interim National Security Strategic Guidance, released last month, says, identifying the fight against global corruption as a top security priority. The strategy mirrors promises Joe Biden made during his candidacy.

Read Full Article

Article: FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

Article - Media, Publications

FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

Dylan Tokar, The Wall Street Journal, 02 March 2021

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said.

Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual defense-policy bill, is a priority of the Financial Crimes Enforcement Network, FinCEN Director Kenneth Blanco said Tuesday at a virtual conference hosted by International Institute of Bankers.

“The priority is to make sure that we do everything that we can to implement the [law], everything that we can to get FinCEN in a position where it can accomplish that,” Mr. Blanco said.

That means making sure FinCEN is “fully staffed” and “fully resourced,” and conducts outreach needed to carefully write regulations surrounding the law, he said.

Read Full Article