Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Industry Experts Say The FinCEN Files Investigation Will Help The Fight Against Global Corruption

Industry Experts Say The FinCEN Files Investigation Will Help The Fight Against Global Corruption

Some in the financial industry warned the unprecedented reporting project would have a chilling effect. Now, many say it could improve the system.
A new survey of the financial sector finds wide support for the idea that the FinCEN Files investigation will help in the fight against global corruption.

The largest portion of respondents said the series by BuzzFeed News and the International Consortium of Investigative Journalists would have a positive impact on efforts to curb financial crime.

The responses are part of a survey of 340 bank insiders, regulators, and other financial industry experts by the Association of Certified Anti-Money Laundering Specialists, the largest organization of financial crime specialists in the world. Released last week, the poll touched on multiple issues these officials confront each day — from the type of guidance they get from the Treasury Department to the tools they use to track financial crime.

The FinCEN Files, an unprecedented look at global financial corruption and the banks and policies that enable it, was based on thousands of secret “suspicious activity reports” from the Treasury Department. Prior to publication of the series in September 2020, the Treasury Department warned that the disclosures could "impact the national security of the United States” and “compromise law enforcement investigations."

Now half a year later, only 27% of those surveyed said they thought the effect would be negative. A combined 46% of respondents said they believed that the project would lead to increased regulatory scrutiny of financial institutions or voluntary strengthening of anti-corruption measures.

That result is a surprise, said Ross Delston, a lawyer and expert on money laundering.

“It's become almost a religious precept that SARs are never to be revealed, never to be referred to, always to be protected,” he said. “Based on that alone, I would have thought it would have made compliance professionals leery of any release of the information.”

He added, “Initially, FinCEN” — the Treasury Department’s Financial Crimes Enforcement Network — “seemed to think that the disclosure would hurt their work. The reality is it may affirm their work.”

Congress recently passed a monumental law closing a major loophole for money launderers, and leading lawmakers credited the FinCEN Files with helping to get it over the line. The Corporate Transparency Act will make it more difficult for individuals to hide their identities behind so-called shell companies.

The industry still faces steep challenges.

Nearly 80% said periodic national guidelines on how to fight money laundering “would be helpful.” Nearly two-thirds suggested that regulators should give them better feedback on the reports they filed. Almost 65% of the respondents thought there was a harmful “time-lag” between suspicious financial transactions and when they are reported to the Treasury Department.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×