WASHINGTON–The White House’s discretionary budget request for fiscal year 2025 includes $216 million for Treasury’s Financial Crimes Enforcement Network (FinCEN).
In its analysis, Fact Coalition stated FinCEN is “responsible for implementing some of the most significant updates to U.S. anti-money laundering laws in the past twenty years. These reforms include steps to implement the bipartisan Corporate Transparency Act, as well as to bring long-overdue oversight to the massive and opaque U.S. real estate and private investment sectors.”
The request also provides $231 million to Treasury’s Office of Terrorism and Financial Intelligence (TFI), which is charged with enforcing U.S. sanctions and further safeguarding the U.S. financial system from criminal and corrupt funds.
Congress has yet to approve funding for these offices for FY2024. The next deadline for an agreement on the relevant Financial Services and General Government (FSGG) appropriations bill is March 22.
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