Puerto Rico Sees Boost in Financial Crime Investigation Techniques as FinCEN Director Andrea Gacki Visits Island
Strengthening Efforts Against Public Corruption, Fraud, and Drug Trafficking
SAN JUAN, Puerto Rico - U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki visited Puerto Rico from February 20-22 to bolster efforts against public corruption, fraud, and drug trafficking.
Highlighting the Importance of Collaboration
During her visit, Gacki emphasized the importance of collaborative efforts between law enforcement agencies and financial institutions in detecting and preventing illicit finance threats. The FinCEN Exchange, a voluntary public-private partnership, brought together representatives from the financial industry, federal and regional law enforcement agencies, including:
- Federal Bureau of Investigation
- IRS - Criminal Investigation
- Homeland Security Investigations
Enhancing Communication and Coordination
The event aimed to enhance communication between law enforcement and federally chartered commercial banks in Puerto Rico, with a focus on broadening information sharing to support efforts against drug trafficking, money laundering, and related crimes.
The Value of Suspicious Activity Reports (SARs)
Participants shared insights on ways to improve communication and coordination between financial institutions and law enforcement agencies to combat illicit finance threats more effectively. The FinCEN Exchange highlighted the significant value of SARs in supporting law enforcement investigations.
Meetings with Federal and Commonwealth Officials
Gacki met with federal and Commonwealth officials to discuss risks related to money laundering, terrorism financing, and other illicit activities of mutual concern. The meetings emphasized the importance of cooperation in advancing FinCEN’s mission to combat money laundering and counter the financing of terrorism.
Previous Enforcement Action
Gacki’s visit comes six months after FinCEN imposed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation for violations of the Bank Secrecy Act. This marked the first civil money penalty issued by FinCEN against a Puerto Rican international banking entity.
Continuing Emphasis on Suspicious Activity Reporting
FinCEN continues to emphasize the importance of financial institutions monitoring for and reporting suspicious activity related to public corruption, fraud, and drug trafficking. The agency has previously issued several advisories, notices, and alerts on these issues, including its 2022 advisory on kleptocracy and foreign public corruption.
Conclusion
The FinCEN Exchange is a voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions, to combat money laundering and related crimes. The program aims to protect national security and citizens from harm by promoting public-private dialogue and encouraging industry focus on high-impact activities.