Money Laundering: FinCEN Needs to Better Communicate Regulatory Priorities and Time Lines
GGD-98-18
Published: Feb 06, 1998. Publicly Released: Apr 01, 1998.
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Highlights
Pursuant to a congressional request, GAO reviewed the regulatory role of the Financial Crimes Enforcement Network (FinCEN), focusing on the: (1) process FinCEN followed for developing and issuing Bank Secrecy Act (BSA) regulations; and (2) status of FinCEN's efforts to develop and issue BSA regulations.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Financial Crimes Enforcement Network | The Director of FinCEN should provide the appropriate congressional committees with information on the status of FinCEN's implementation of all relevant statutory BSA-related regulatory directives. This information should include its plans, priorities, target dates for issuing notices of proposed rulemaking and final rules, and accomplishments. Furthermore, recognizing that circumstances can change, the Director should periodically update this information and transmit it to the appropriate congressional committees. |
Closed – Implemented
On May 6, 1998, Treasury's Assistant Secretary (Enforcement) provided to the Chairman, House Banking and Financial Services' Subcommittee on General Oversight and Investigations a status report on FinCEN's an updated status report on the agency's regulatory programs.
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Topics
Agency proceedingsBanking regulationexecutive relationsExecutive ordersFederal regulationsMoney launderingRegulatory agenciesWhite collar crimeFederal rulemakingU.S. Currency