CINCINNATI—Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das joined Treasury Under Secretary for Terrorism and Financial Intelligence (TFI) Brian Nelson in traveling to Kentucky and Ohio this week to highlight FinCEN’s efforts to combat fraud and illegal fentanyl trafficking, as well as its ongoing work to implement beneficial ownership information reporting requirements.
In Cincinnati, Ohio, FinCEN convened a FinCEN Exchange, a voluntary public-private partnership, to exchange strategic and operational information to combat the illicit trade in fentanyl and fentanyl precursors in the United States. The FinCEN Exchange included representatives from regional and national financial institutions, the U.S. Attorney’s Office for the Southern District of Ohio, and regional and national law enforcement agencies, including the Dayton Police Department, the West Chester Police Department, the United States Drug Enforcement Administration, Homeland Security Investigations, the United States Secret Service, the Federal Bureau of Investigation, and the Internal Revenue Service - Criminal Investigation.
Participants in today’s forum exchanged views on ways to enhance investigative and operational uses of suspicious activity reports filed by financial institutions on suspected money laundering linked to fentanyl trafficking in the Ohio region. FinCEN and law enforcement highlighted the significant value that suspicious activity reports contribute to law enforcement efforts to combat criminal activity in Ohio. Financial institutions and law enforcement also identified ways to deepen collaboration and exchange information on suspected illicit finance, particularly through additional FinCEN Exchanges. This was the third public-private forum on combating fentanyl trafficking that FinCEN has led within the last two months.
In Lexington, Kentucky, Acting Director Das joined Under Secretary Nelson and Representative Andy Barr (R-KY) to meet with financial institutions, law enforcement, and industry groups in Kentucky’s 6th District on a range of topics, including efforts to combat fraud, fentanyl trafficking, and other crimes in the region, to make the national framework to combat illicit finance more effective and efficient, and to ensure that small businesses understand the new requirements to report beneficial ownership information in simple, easy-to-read terms. Participants highlighted important concerns and suggestions to improve implementation of the Corporate Transparency Act and the anti-money laundering/counter-financing of terrorism (AML/CFT) framework.
FinCEN Exchange is a voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. FinCEN Exchange aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities.