Discussing FinCEN with Director Andrea Gacki
The Lawfare Podcast
The Lawfare Institute
4.7 • 6.4K Ratings
🗓️ 29 January 2024
⏱️ 47 minutes
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Summary
Everyone recognizes sanctions as one of the United States’ most powerful tools of economic statecraft. But few realize that much of the information behind sanctions designations comes from another office within the Treasury Department: specifically, the Financial Crimes Enforcement Network (or FinCEN). And over the past few years, as sanctions and other economic tools have become more and more important, FinCEN has been evolving its operations and activities as well.
To discuss the current state of FinCEN and what its future holds, Lawfare Contributing Editor Brandon Van Grack and Lawfare Senior Editor Scott R. Anderson had a conversation with its current Director, Andrea Gacki, for the latest installment of their “The Regulators” series, focusing on the policymakers at the frontlines of national security and economic statecraft. They discussed FinCEN’s involvement in the historic Binance settlement, what new policies FinCEN is rolling out to tackle everything from beneficial ownership to residential real estate, and how it is working with similar organizations around the globe.
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| 0:58.0 | It all starts with skills. Search skills for life. We know that dirty money has a corrosive effect on the U.S. economy and corporate anonymity facilitates crime and |
| 1:14.7 | disadvantages small businesses across America. So what we want through this |
| 1:19.7 | change, through you know what the aim of this change is to make the United States less |
| 1:24.7 | hospitable to dirty money and support law enforcement, intelligence, and national security |
| 1:30.0 | professionals as they work to safeguard our nation. The framework that we've instituted as you know |
| 1:36.0 | a brandy enrolled, we opened up the database for filings on January 1st of this year. |
| 1:40.8 | You know filing is simple, it's secure, it's free of charge, and the |
| 1:45.8 | information is not an annual requirement. Unless a company needs to update or |
| 1:50.4 | correct its information, it reports once and does not need to report again. |
| 1:55.0 | So we're trying to navigate the critical need for this information and balance it |
| 2:00.2 | with the impact on small business. |
| 2:02.0 | I'm Scott R Anderson, and this is the Lawfare Podcast for January 29th, 2024. |
| 2:08.0 | Everyone recognizes sanctions as one of the United States most powerful tools of economic |
| 2:12.8 | statecraft, but few realize that much of the information behind |
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