Money Laundering


The Financial Crimes Enforcement Network (FinCEN) delayed the effective date of revised Suspicious Activity Report (SAR) forms to give the agency time to improve data quality management. The new forms, which were scheduled to go into effect on June 30, apply to depository institutions, casino and card clubs, insurance companies and securities and futures industries.

FinCEN and the IRS recently initiated a joint information-technology modernization strategy that includes a new Bank Secrecy Act (BSA) data quality management program to ensure data is accurate, complete and available in a timely manner to law enforcement agencies and financial regulators. The agencies found problems that could affect how data is loaded into the database. In a press release, FinCEN and IRS officials said the postponement of the effective date for the new forms will allow the agencies to correct those problems and ensure the reliability of BSA data.
This delay does not change the effective dates for revised forms for money services businesses, which became effective March 31 and will become mandatory Oct. 1.

The Treasury, Justice and Homeland Security departments issued a strategy for addressing priority threats and vulnerabilities identified by last year’s Money Laundering Threat Assessment.

The report details the federal government’s continuing efforts to crack down on money laundering and terrorist financing networks. The strategy draws on the 2006 Threat Assessment’s investigation into current and emerging trends and techniques used by criminals to raise, move and launder proceeds. A key component of the strategy involves working with international bodies, including the Financial Action Task Force, to ensure U.S. financial institutions are not disadvantaged by unilateral controls and standards to inhibit the flow of illegal funds.

The complete 2007 National Money Laundering Strategy is available at www.treas.gov/press/releases/docs/nmls.pdf.

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