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Perlmutter, Pearce Introduce Bill to Update FinCEN, Ensure Focus on Virtual Currencies
Washington, D.C. – Today U.S. Reps. Ed Perlmutter (D-CO) and Steve Pearce (R-NM) introduced a bipartisan bill to empower the Financial Crimes Enforcement Network and ensure the law enforcement community has the tools and abilities needed to prevent terrorism and illicit finance.
The FinCEN Improvement Act (H.R. 6411) would update the Financial Crimes Enforcement Network (FinCEN) authorizing statute to recognize tribal law enforcement agencies, prioritize protection against all types of terrorism, and ensure a focus on emerging methods of terrorism and illicit finance, including cryptocurrencies. As written, the duties and powers of FinCEN are specific to “international terrorism” and leave out tribal law enforcement and do not address emerging technologies.
“This is an important step in modernizing FinCEN and ensuring our law enforcement and intelligence communities can detect and prevent criminals and terrorist networks from using virtual currencies to move illicit funds or carry out cyberwarfare,” said Perlmutter.
“Our law enforcement and intelligence communities need to have the ability to track and prevent illicit uses of our nation’s financial system. These changes ensure FinCEN will be able to continue their vitally important mission in the dynamic world environment,” said Pearce.
Perlmutter and Pearce lead the House Subcommittee on Terrorism and Illicit Finance, with Rep. Pearce serving as the subcommittee’s Chairman and Perlmutter as its Ranking Member.
The Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Department of the Treasury. Its mission is to protect the American financial system from money laundering and other illicit uses through the collection, analysis and dissemination of financial intelligence.