Financial Crimes Enforcement Network: Annual Report Fiscal Year 2007   [open pdf - 2MB]

"During fiscal year 2007, FinCEN [Financial Crimes Enforcement Network] saw major accomplishments in all these areas of activity. I am especially proud of our movement toward enhancing the efficiency and effectiveness of the BSA [Bank Secrecy Act] regulatory framework, a high priority initiative announced by Treasury Secretary Henry M. Paulson, Jr. at FinCEN in June. For example, we have strengthened our outreach to and communications with our industry partners as a way of ensuring an efficient and effective risk-based regulatory regime, and we have initiated consideration of a new, reorganized chapter in the Code of Federal Regulations so that distinct financial sectors can more easily and efficiently access all the regulations with which they specifically need to comply. In other notable achievements during the year, FinCEN: 1) Published BSA guidance for financial institutions that aimed to improve consistency in the interpretation and application of BSA regulations, and to reduce misperception of excessive regulatory expectations. 2) Delivered complex analytical studies targeted to regulatory authorities and to law enforcement agencies. 3) Developed the vision and strategy outlining our future enterprise-wide business transformation and information technology modernization program. 4) Provided research support for a record number of foreign financial intelligence units engaged in law enforcement activities."

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Financial Crimes Enforcement Network (U.S.): http://www.fincen.gov/
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