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Washington, DC -- The bipartisan FinCEN Improvement Act, H.R. 1414, introduced by Congresswoman Jennifer Wexton (D-VA) and Congressman Denver Riggleman (R-VA), was included in the final text of the 2021 National Defense Authorization Act (NDAA) released last week. The legislation would modernize the Financial Crimes Enforcement Network (FinCEN), including enhancing the bureau’s authorization to protect against domestic terrorism and focusing on emerging methods of illicit finance such as cryptocurrencies. 

“I’m pleased that my bipartisan effort to modernize how we fight financial crimes was included in this year’s NDAA and is on its way to becoming law,” said Congresswoman Jennifer Wexton. “FinCEN plays an essential role in safeguarding our financial system -- but while the threats they’re tasked with confronting are constantly evolving, the agency’s authorizations are long overdue for an update. My legislation will empower the bureau to better address the financial abuses of today, like the funding of domestic terror organizations and the illicit use of cryptocurrency.”

“Representative Wexton has worked tirelessly to modernize the Financial Crimes Enforcement Network and support national security,” said House Financial Services Committee Chairwoman Maxine Waters. “The inclusion of her provision in the NDAA for FY 21 is an important step forward in ensuring that all partners, including at the federal, state, local, and tribal levels, are empowered to work together to fight money laundering and address other financial crimes. As Chairwoman of the Financial Services Committee, I appreciate Representative Wexton’s efforts to protect our financial system and look forward to working with her on this important issue in the next Congress.”

“I am proud to see our bill, the FinCEN Improvement Act of 2019, pass the House as part of the NDAA,”' said Congressman Denver Riggleman. “This legislation strengthens the Financial Criminal Enforcement Network’s mission by expanding its capabilities and creating more opportunities for partnerships with other law enforcement agencies. Expanding FinCEN’s mission prioritizes national security and prevents terrorists, criminals, and other bad actors from abusing our financial system. I look forward to seeing our bill become law, and I thank Rep. Wexton for her partnership on this important legislation.”

FinCEN is a bureau of the U.S. Treasury Department whose mission is to safeguard the financial system from illicit use and combat money laundering while promoting national security through the collection, analysis and dissemination of financial intelligence. The FinCEN Improvement Act updates the authorizing statute to prioritize protection against all types of terrorism, ensure a focus on emerging methods of terrorism and illicit finance like cryptocurrencies, and recognize tribal law enforcement agencies.

The full text of the bill as introduced by Wexton is included in the NDAA, expected to be voted on this week by the House of Representatives. The text of the FinCEN Improvement Act can be found here.

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