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FinCEN Files Help Us Fight Violence, Experts Say

New research on the financial sector finds adequate support for the concept FinCEN files research will help in the fight against corruption around the world.

The vast majority of respondents said that BuzzFeed News and the International Consortium of Investigative Journalists could have a positive effect on financial justice.

The answers are part of research among 340 bank executives, regulators, and other financial professionals are the Association of Certified Anti-Money Laundering Specialists, the largest financial professional organization in the world. Released last week, the study touched on a number of challenges that officials face on a daily basis – from the guidance they receive from the Treasure department to the tools they use to track economic crime.

FinCEN Files, an unprecedented format for global financial fraud as well as banks and sponsorships, relies on thousands of “suspicious reports” from the Treasure department. Prior to the release of the list in September 2020, the Treasure department was warned that the statement “could affect the security of the United States” and “disrupt legal research.”

Now half a year later, only 27% of those surveyed said they thought the results would be bad. 46% of respondents said they believed the project would lead to a review of financial legislation or to voluntarily promote anti-corruption measures.

The results are surprising, says Ross Delston, a lawyer and financial expert.

“It has now become a religious law that SARs will not be disclosed, will not be disclosed, will be protected at all times,” he said. “Based on this alone, I would have thought that it would have provided law enforcement experts if they had published this message.”

He added, “First of all, FinCEN” – Network of Crimes Enforcing Network Treasure department – “seems to think that this disclosure could harm their work. The fact is that it could prove their work.”

Congress has passed very recently the law closing out the huge opportunities for money launderers, and leading lawmakers praise FinCEN files for helping to learn more. The Corporate Transparency Act makes it very difficult for people to hide their identity from companies called shells.

These companies are still facing serious challenges.

About 80% said international advice on how to deal with money laundering “could be effective.” About 65% of those surveyed thought there was a “time-injury” between financial uncertainty and when reported to the Treasury Department.

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