Rep. Maxine Waters (D-CA), House Financial Services Committee chairwoman, has forwarded correspondence supporting Financial Crimes Enforcement Network (FinCEN) supplemental funding.
Waters sent the letter to Senior Members of the House Committee on Appropriations, Subcommittee on Financial Services and General Government.
“I write to urge a substantial increase of not less than $74.3 million in new funding for the Financial Crimes Enforcement Network (FinCEN) to support the initial stages of the landmark reforms codified in the bipartisan Anti-Money Laundering Act of 2020 (AMLA) and the Corporate Transparency Act (CTA), enacted in the FY2021 National Defense Authorization Act (NDAA) (Public Law 116-283).” Waters wrote. “I strongly support this implementation funding request and hope that you will include this funding in any upcoming supplemental appropriations bill to be considered in the House.”
Waters maintains effective implementation of the new mandates in accordance with the additional duties the laws impose on FinCEN and Treasury offices, which would require a substantial and sustained investment of new resources.
“I believe that these funds are critical to properly implement the requirements of the AMLA and CTA,” Waters concluded. “If additional funds are available, in order to provide maximal hiring flexibility to FinCEN in FY21, I would also support an expanded appropriation of $98.5 million in new funding for FY21.”
In November 2020, Waters secured the inclusion of provisions on beneficial ownership, preventing money laundering, and combating international corruption in the FY2021 NDAA.