FinCEN Proposes Expansion of Information Sharing Program

December 07, 2009
The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury recently proposed changes to the rules under the Bank Secrecy Act of 1970 that would allow certain foreign law enforcement agencies, domestic state and local law enforcement agencies, and FinCEN itself to submit information requests to mutual funds and other financial institutions. This update examines how these proposed changes would expand the information sharing program.