Experts say the Finken files will help fight financial crime


A new survey of the financial sector finds widespread support for this idea Finken file The investigation will help fight global corruption.

The largest portion of respondents said that this series by BuzzFeed News and the International Federation of Investigative Journalists would have a positive impact on efforts to prevent financial crime.

A part of the response Survey Published last week by the Association of Certified Anti-Money Laundering Specialists, the world’s largest organization of financial crime experts, 340 bank insiders, regulators and other financial industry experts, the survey found these officials face multiple issues every day – As far as the tools they use to track financial crimes.

The Finsen Files, an unprecedented look at global financial corruption and the banks and policies that enable it, was created on the basis of thousands of secret “suspicious activity reports” from the Treasury Department. The Treasury Department before the series was released in September 2020 Be careful That disclosures “may affect U.S. national security” and “may compromise law enforcement investigations.”

Now half a year later, only 2% of surveyors say they think the impact will be negative. A total of 44% of respondents said they believed the project would lead to regular investigations into financial institutions or voluntary strengthening of anti-corruption measures.

The results came as a surprise, said Ross Delston, a lawyer and money laundering expert.

“It has almost become a religious realization that SARS is never published, never mentioned, always protected,” he said. “On this basis alone, I think it has hanged compliance professionals for disclosing any information.”

He added, “Initially, Finken” – the Treasury Department’s financial crime enforcement network – “felt that the disclosure would harm their work. In reality it could ensure their work.”

Congress recently passed a memorial Law Closed a major loothole for money launderers and top lawmakers helped Finsen files cross the line. The Corporate Transparency Act will make it more difficult for individuals behind so-called shell organizations to hide their identities.

The industry still faces steep challenges.

About 70% said that periodic national guidelines on how to combat money laundering would be “helpful.” Nearly two-thirds suggested that regulators would give them better feedback on the reports they filed. About 65% of respondents thought there were harmful “deadlines” between suspicious financial transactions and when reported to the Treasury Department.



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