Regulatory Alerts2009-11-16
Added
Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
FinCEN proposes to amend 31 CFR Part 103 to allow certain foreign law enforcement agencies, as well as State and local law enforcement agencies, to submit requests for information to financial institutions under the Bank Secrecy Act's section 314(a) program. The proposal also clarifies that FinCEN may initiate such requests on its own behalf and on behalf of other appropriate components of the Department of the Treasury. Requesting agencies would be required to certify that the matter involves significant money laundering or credible evidence of terrorist activity, and that information could not be located through traditional investigative methods.
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