Yesterday, Congresswoman Jennifer Wexton (D-VA) and Congressman Denver Riggleman (R-VA) introduced the bipartisan FinCEN Improvement Act of 2019. The legislation would amend the duties of the Financial Crimes Enforcement Network (FinCEN) to ensure FinCEN works with tribal law enforcement agencies, protects against all forms of terrorism, and focuses on virtual currencies.
“I’m proud to introduce the bipartisan FinCEN Improvement Act of 2019,” said Congresswoman Jennifer Wexton. “This legislation will update the existing law to empower the Financial Crimes Enforcement Network to better execute its mission to safeguard our financial system from the the abuses of financial crime, particularly terrorist financing and money laundering.”
“Yesterday, I partnered with my colleague and fellow Virginian Rep. Jennifer Wexton in introducing the ‘FinCEN Improvement Act of 2019’. 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.”said Congressman Denver Riggleman.
Congresswoman Jennifer Wexton and Congressman Denver Riggleman are freshmen members from the Virginia delegation serving on the Financial Services Committee, which has jurisdiction over the legislation. A companion version of the legislation was also introduced in the Senate yesterday.
FinCEN’s statutory authorities are authorized by the Currency and Financial Transactions Reporting Act of 1970 (as amended by the USA Patriot Act of 2001) and the Bank Secrecy Act. As a result, FinCEN’s statutes have not been updated by Congress in years, and they operate on guidance issued from the agency.
The full text of the legislation can be found here.
FinCEN is a bureau of the U.S. Department of the Treasury. The Director of FinCEN is appointed by the Secretary of the Treasury and reports to the Treasury Under Secretary for Terrorism and Financial Intelligence. FinCEN’s mission is to safeguard the financial system from illicit use, combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.