FinCEN Improvement Act of 2019

Floor Speech

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Mr. RIGGLEMAN. Mr. Speaker, today, I am proud to rise in support as the lead Republican sponsor of H.R. 1414, the FinCEN Improvement Act of 2019.

I thank my colleague and fellow Member from the Commonwealth of Virginia, Representative Jennifer Wexton, for her work on this legislation. This bill is a tangible example of what Congress can accomplish when we put aside our differences and work together.

FinCEN, or the Financial Crimes Enforcement Network, is a critical component of law enforcement, as the agency is charged with promoting national security by safeguarding our financial system.

Terrorists, drug smugglers, human traffickers, and other criminal actors are constantly innovating and creating new ways to exploit the system. Bad actors know the current limitations of law enforcement and how to profit immensely from our weaknesses as they are constantly developing their tactics, techniques, and procedures, or TTPs, based on our security posture.

It is FinCEN's mission to cut the head off the snake and combat illicit financing of these activities. This bill will strengthen FinCEN in three key areas.

First, it strengthens FinCEN by codifying the domestic responsibilities of combating illicit finance. We know all too well the danger international terrorists pose, but it is equally important that we police criminal financial activity domestically as well. By reinforcing FinCEN's domestic mandate, we are sending a message to all Americans that we will not tolerate criminal activity either at home or abroad.

Second, this bill adds Tribal law enforcement to the list of FinCEN partners. By ensuring robust and comprehensive law enforcement partners, we are equipping the agencies charged with safeguarding our financial system with the necessary tools and information to execute their mission. Partnering with Tribal law enforcement closes a potential loophole that terrorists can use to inject illicit money into the system.

Finally, and perhaps most importantly, this bill clearly incorporates cryptocurrencies and other emerging technologies that substitute for currency.

As financial technology, or fintech, evolves, so do the opportunities for criminals to take advantage of the financial system. We must ensure that our law enforcement agencies have a clear directive from Congress to take on all challenges and risks facing our financial system.

Mr. Speaker, today, I ask all my colleagues in the people's House to join me and Ms. Wexton by voting in favor of this legislation.

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