FinCEN ‘Thinking More Creatively’ in Exercising Statutory Authority

As the Financial Crimes Enforcement Network works to ensure that the financial system that is resistant to abuse and able to share valuable information with law enforcement, Acting Director Jamal El-Hindi today said at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C., that FinCEN would “think more creatively” about how it exercises its statutory authority.

El-Hindi pointed to a number of steps FinCEN has taken recently to be “appropriately aggressive” toward money laundering and terrorist financing threats, including increased use of 314(a) lists, geographic targeting orders and other advisories.

He highlighted the geographic targeting order in Miami, for example, which led to arrests of a number of co-conspirators in a complex money laundering scheme. “The more we do these types of efforts and see success… the more we’re going to push [for them],” El-Hindi said in a Q&A session following his prepared remarks.