The Annual Report of Financial Crime Enforcement Network for Fiscal Year 2009 has been released. A first look at the report shows the number of all reports received by FinCEN fell. About 16.7 million reports were filed pursuant to BSA requirement in 2009. It means there were over 1 million fewer reports in 2009 than 2008. From all the reports that FincEN receives, only the Suspicious Activity Reports (SARs) saw a very slight increase from 2008. There were 1.3 million SARs filed in 2009. SARs are reports that are filed in connection with transactions that financial institutions know, suspect, or have reason to believe may be related to illicit activity. On the other hands, the largest decrease was in the Currency Transaction Reports (CTRs). There were only 14.9 million CTRs in 2009, compared to about 16 million in 2008. CTRs are reports are that are filed for currency transactions exceeding $ 10,000.
FinCEN may consider these figures a success. However, the failures of the financial system during 2008 and 2009 tell a different story. Has FinCEN done the job according to its mission? FinCEN is an institution whose job is to enhance U.S national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S and international financial systems. The failures of 2009 and 2008 show that FinCEN has not performed well. It has not lived up to its mission. Is 2010 going to be different?
by Arben KOLA
Source: The Examiner
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