Money Laundering



Requiring financial institutions to report cross-border wire transfer data is technically feasible for the U.S. government and may be valuable to its efforts to combat money laundering and terrorist financing, the Financial Crimes Enforcement Network (FinCEN) told Congress.

The FinCEN report, Feasibility of a Cross-Border Electronic Funds Transfer Reporting System Under the Bank Secrecy Act, outlines an incremental approach to resolving outstanding technical and policy issues relating to whether and how to implement a regulatory requirement for the reporting of cross-border wire transfers. The report was required under the Intelligence Reform and Terrorism Prevention Act of 2004.

FinCEN, a division of the Treasury Department, will conduct an analysis in conjunction with the financial services industry and law enforcement to weigh the benefit to the public against the costs to all parties affected by new regulatory requirements. The analysis will address technical capacity and privacy concerns.

The report, which was issued on Jan. 17, is available at www.fincen.gov/cross_border/index.html.

SPONSORED REPORT

A new line of business to consider

Technology assessments may open the door to new engagement opportunities for your firm. What is a technology assessment? How do you perform one? JofA Tech Q&A author J. Carlton Collins shows you in a detailed explanation.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.