McGuireWoods LLP Article: "Anti-Money Laundering Compliance: Treasury Department Expands Information Sharing Program"

McGuireWoods LLP has published a news update entitled "Anti-Money Laundering Compliance: Treasury Department Expands Information Sharing Program."  The news update notes that the Financial Crimes Enforcement Network ("FinCEN"), a bureau of the U.S. Treasury, has issued new regulations that allow 1) FinCEN, on behalf of itself or other components of the Treasury Department, and 2) foreign, local, and state law enforcement agencies, in addition to previously-permitted federal law enforcement agencies, to acquire from financial institutions certain information regarding substantial money laundering or terrorist financing investigations.  In addition, the news update mentions that allowing these law enforcement agencies to acquire the above-referenced information satisfies the U.S.'s treaty obligations and allows the U.S. to exercise reciprocal rights to access information in E.U. Nations. 


Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.