|USA PATRIOT ACT MONITOR NEWS RELEASES|
USA PATRIOT Act Monitor News Release:FinCEN Funding Raised in 2004 Budget
2/3/2003 9:05:37 AM Eastern Standard Time
TREASURY announced this morning that in the fiscal year 2004 budget to be released today, the Administration will propose a $2.1 million increase in funding for the Financial Crimes Enforcement Network, and a $4 million increase in funding for Treasury's technical assistance program under the Office of International Affairs.
Under the budget proposal, FinCEN would receive FY2004 funding of $57.6
million, up from the requested FY2003 funding of $50.5 million. The increased
funding for FinCEN would allow the program to improve information sharing
between financial services and law enforcement communities (e.g., the FBI);
effectively administer additional requirements mandated by the USA PATRIOT
Act of 2001 and subsequent regulatory requirements; monitor the establishment
of anti-money laundering programs in all U.S. financial institutions; expand
the Bank Secrecy Act to new industries and accelerate efforts to enable the
electronic filing of BSA data more efficiently through the Patriot Act Communications
System; and strengthen and expand mechanisms for the exchange of information
The budget proposal also would provide a 24% increase in funds--to $14 million requested in FY2004 from $10 million requested in FY2003 - for Treasury's technical assistance program, which works to promote market-oriented economic reforms and good governance in countries of foreign policy importance to the United States.
Approximately one-third of the new technical assistance budget will be dedicated
to combating terrorist financing.
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