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Cmte Financial Services (R)
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Subcommittee Examines Ways to Stem the Flow of Illicit Financing
Washington, Apr 27 -
WASHINGTON – The Financial Services Subcommittee on Terrorism and Illicit Finance held a hearing Thursday to examine information sharing and data collection practices at the Financial Crimes Enforcement Network (FinCEN) and assess how the process and coordination could be improved.
“Today, most of us are very fortunate to have a more modern and secure means of storage for our hard-earned money. Unfortunately, so do terrorists, cartels, and other criminals around the world,” said Subcommittee Chairman Steve Pearce (R-NM). “From the most traditional forms of financial transactions to the ever-evolving world of financial technology, it is essential that our nation have an efficient, effective, and modern set of rules and regulation to safeguard our nation’s financial system. This hearing starts the conversation and ensures our subcommittee is taking a pragmatic and complete look at the laws and regulations we currently have in place.“
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