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A new survey of the financial sector has found widespread support FinCEN files the research will help in the fight against global corruption.
Most respondents said the series, conducted by BuzzFeed News and the International Consortium of Investigative Journalists, will have a positive impact on efforts to stop financial crime.
The answers are part of a poll The Association of Certified Anti-Money Laundering Specialists, the Bank, the world’s largest organization for financial crime specialists, has 340 bank insiders, regulators and other experts in the financial industry. The polls released last week addressed a variety of issues these officials face on a daily basis – from the types of guidance they receive from the Treasury Department to the tools they use to track financial crime.
FinCEN Files, an unprecedented look at the world’s financial corruption and the banks and policies that make it possible, was based on thousands of “suspicious activity reports” from the Treasury Department. Prior to the publication of the series in September 2020, the Department of the Treasury warn revealing that it could “affect U.S. national security” and “jeopardize law enforcement investigations”.
Half a year later, only 27% of respondents said they believe the effect will be negative. 46% of respondents said they believe the project will lead to an increase in regulatory review of financial institutions or a voluntary strengthening of anti-corruption measures.
That result is a surprise, said lawyer Ross Delston and money laundering expert.
“It has almost become a religious order for SARs to never be exposed, never mentioned, always protected,” he said. “Based on that alone, I thought compliance professionals would question the release of information.”
He added, “Initially, FinCEN” – the Department of Finance’s Financial Crime Enforcement Network – “revealed that disclosure would harm their work. The reality is that it can confirm their work.”
Congress has recently surpassed the monumental law they closed a major loophole for money laundering and the top MPs passed it thanks to the FinCEN Files file. The Corporate Transparency Act will make it harder for individuals to hide their identities behind so-called company shells.
The industry still faces major challenges.
Nearly 80 percent said regular national guidelines to combat money laundering would be “helpful.” Nearly two-thirds suggested that regulators should give them a better opinion on the reports submitted. Nearly 65% of respondents believe that there is a detrimental “time frame” between suspicious financial transactions and when it is reported to the Department of the Treasury.
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