U.S. Sen. Bill Cassidy (R-LA) aims to improve how the nation fights financial crimes via the recent introduction of bipartisan legislation to strengthen the government’s Financial Crimes Enforcement Network (FinCEN).
Sen. Cassidy is the lead original cosponsor of the FinCEN Improvement Act of 2019, S. 582, which would ensure that FinCEN works with tribal law enforcement agencies, protects against all forms of terrorism, and focuses on virtual currencies, according to the congressional record.
“As terrorists and criminals use new technologies to commit illicit acts, we must stay on offense,” Sen. Cassidy said. “This legislation gives the Financial Crimes Enforcement Network new tools to protect Americans against national security threats in the digital age.”
FinCEN, a bureau of the U.S. Treasury Department, protects the nation’s financial system from being used illegally for crimes including money laundering and promotes national security, according to a March 7 statement released by Sen. Cassidy’s office.
S. 582, sponsored by U.S. Sen. Catherine Cortez Masto (D-NV), includes U.S. Sen. Jerry Moran (R-KS) among the cosponsors joining Sen. Cassidy in introducing the bill on Feb. 27.
“Since my time as Attorney General, I’ve worked to strengthen our nation’s ability to respond to emerging threats to our national security and financial systems,” said Sen. Cortez Masto. “We must use every tool at our disposal to address financial crime as new currencies and forms of terrorism emerge.”
If enacted, S. 582, would add statutory authorities to permit FinCEN to address gaps in its current capacity, such as allowing the bureau to monitor emerging technology like cryptocurrency, according to Sen. Cassidy.
S. 582 has been referred for consideration to the U.S. Senate Banking, Housing, and Urban Affairs Committee.
The same-named companion bill, H.R. 1414, also was introduced on Feb. 27 in the U.S. House of Representatives by U.S. Reps. Jennifer Wexton (D-VA) and Denver Riggleman (R-VA) and is under review by the U.S. House Financial Services Committee.