Financial Crimes Enforcement Network Law and Legal Definition
The Financial Crimes Enforcement Network is a bureau within the U.S. Department of the Treasury. The bureau is also known as FinCEN. The U.S. Department of the Treasury established the Financial Crimes Enforcement Network in 1990 in order to provide a government wide multisource financial intelligence and analysis network. The FinCEN plays an active role in controlling financial crimes. The bureau collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes.
The bureau's operation was broadened in 1994 to include regulatory responsibilities for administering the Bank Secrecy Act. The Act authorized the Secretary of the Treasury to require certain records or reports where they have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, or in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism. This authority of the Secretary to administer Title II of the Bank Secrecy Act has been delegated to the Director of the FinCEN.
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