Money Laundering:

Treasury's Financial Crimes Enforcement Network

GGD-91-53: Published: Mar 18, 1991. Publicly Released: Apr 25, 1991.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO reviewed the Department of the Treasury's newly established Financial Crimes Enforcement Network (FinCEN), focusing on its purpose, functions, organization, and staffing.

GAO found that: (1) Treasury established FinCEN to support federal, state, local, and foreign law enforcement offices in their efforts to investigate and prosecute money laundering schemes; (2) FinCEN provided intelligence analysis that identified money laundering trends and patterns as well as specific offenders; (3) FinCEN provided specially trained investigators to document money laundering violations and trace the criminal activity proceeds; (4) FinCEN operated a communications center that answered law enforcement agencies' requests for data and information; (5) FinCEN helped to coordinate the efforts of other law enforcement agencies and prevent duplication of effort; (6) FinCEN needed to improve its effectiveness in money laundering investigations by centralizing intelligence gathering and analysis; (7) FinCEN success will ultimately be measured by the extent to which other agencies rely upon it for and use timely and accurate information; and (8) although FinCEN was in the process of measuring its usefulness, it had not been in existence long enough to permit an accurate assessment.

Sep 21, 2016

Aug 3, 2016

Aug 1, 2016

Jul 14, 2016

Jul 5, 2016

Jun 30, 2016

Jun 28, 2016

Jun 23, 2016

Jun 22, 2016

Looking for more? Browse all our products here