FinCEN MIA??

If you check the Financial Crimes Enforcement Network (FinCEN) website, you won't find a lot of current substance.  There are three links to statements justifying all the paperwork involved in filing Suspicious Activity Reports (SARs):  "Bank SARs Lead to Discovery of Predatory Certificate of Deposit Fraud Scheme," "Bogus Life Insurance Investment Vehicles Identified through SAR Filing," and "Case for Mortgage Fraud Involving Straw Buyers Supported by SARs."  OK.  That's three examples out of how many expensive pieces of paper filed and submitted into a black hole??

On the site, you'll also find statistics (SAR Activity Review - By the Numbers) issued in July to back up their May 2009 SAR Activity Review - Trends, Tips, and Issues.  There's a lot of mortgage fraud -- well, that's informative.

In 2009, Director James Freis has given one speech back in March and provided testimony to the House Committee on Financial Services Subcommittee on Housing and Community Opportunity on May 6, 2009, that is mostly background about FinCEN and fluff about working with law enforcement and the states.  That's all for speeches and testimony this year.  No News Releases since March. 

No mention at all that I can find about the UBS tax issues.  Wouldn't you think that would relate to moneylaundering on a big scale?

Just wondering about this agency . . . . 

Link to FinCEN Home Page: http://www.fincen.gov/

(ag) July 13, 2009, in BSA/Anti-Money Laundering