Pearce Leads Hearing on Safeguarding Financial System

Statement

Congressman Steve Pearce today led the Subcommittee on Terrorism and Illicit Finance hearing on "Safeguarding the Financial System from Terrorist Financing." The hearing included testimony from the Financial Crimes Enforcement Network (FinCEN) acting Director Jamal El-Hindi.

"Many of us today are fortunate enough to have access to a secure and modern form of storing our hard earned money. The reality, however, is that terrorists groups, cartels, and other criminal organizations around the world are capable of using the same means. From the most traditional forms of financial transactions, to the ever-evolving world of financial technology, it is essential that our nation has an effective, efficient, and modern set of rules and regulations to safeguard our nation's financial system. Today's hearing started the conversation about the rules and regulations we have in place to combat money-laundering, terrorist financing, and other illicit financing activities to better protect our children, families, communities, and nation."

Background
FinCEN was established by the U.S. Department of the Treasury in 1990 and was upgraded it to official Bureau status in 2002 with the passage of the PATRIOT Act. The Bureau acts as the United States' financial intelligence unit (FUI) and is the primary regulator of the Bank Secrecy Act - our nation's first and most comprehensive federal anti-money laundering statute. FinCEN's mission is to Safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Rep. Pearce was named the Chairman of the new House Subcommittee on Terrorism and Illicit Finance, formally established as a part of the House Financial Services Committee in the 115th Congress.

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