Major reforms needed in ‘struggling’ US agency leading fight against dirty money, report says

Major reforms needed in 'struggling' US agency leading fight against dirty money, report says

To avoid falling behind in the fight against criminal money and terrorist financing, the United States must put the federal agency back at the center of the fight, according to a new report which is based on the opinions of the best experts in the fight against money laundering.

The US Department of the Treasury’s Financial Crimes Enforcement Network – known as FinCEN – is underfunded and overburdened in its role as a leading player in the global effort to catch money launderers and other sophisticated financial criminals who use shell companies, cryptocurrencies and other tools to hide. their activities, says the non-profit anti-corruption group Global Financial Integrity.

“It is an agency that struggles … to address the nation’s emerging money laundering challenges …

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