Financial Crime World

Puerto Rico Takes Center Stage in Fight Against Financial Crime

FinCEN Director Highlights Island-Wide Efforts to Combat Corruption, Fraud, and Drug Trafficking

San Juan, Puerto Rico - February 20-22

In a move aimed at strengthening collaborative efforts to combat financial crime, Andrea Gacki, Director of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), traveled to Puerto Rico from February 20-22. During her visit, Gacki hosted the first FinCEN Exchange in Puerto Rico, addressed the 20th Annual Puerto Rico Bankers Association Symposium on Anti-Money Laundering, and met with top officials to discuss the island’s most pressing illicit finance threats.

Enhancing Cooperation

The FinCEN Exchange brought together representatives from the financial industry, federal law enforcement agencies, and regional authorities. The session aimed to enhance cooperation between law enforcement and federally chartered commercial banks in Puerto Rico, highlighting the critical role that Suspicious Activity Reports play in combating financial crime. Participants shared views on ways to improve communication and support law enforcement’s efforts to combat drug trafficking, money laundering, and related issues on the island.

Strengthening Partnerships

Gacki also met with top officials from both federal and Commonwealth agencies, including:

  • U.S. Attorney for the District of Puerto Rico
  • Puerto Rico Secretary of State
  • Commissioner of Puerto Rico Financial Institutions

These meetings aimed to address mutual concerns regarding illicit finance risks and strengthen partnerships in advancing FinCEN’s mission to combat money laundering and counter terrorism financing.

Significant Enforcement Action

The visit comes on the heels of a significant enforcement action taken by FinCEN just six months prior. In August 2023, FinCEN assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation for violations of the Bank Secrecy Act - its first such action against a Puerto Rican international banking entity.

Ongoing Efforts

As part of its ongoing efforts to combat financial crime, FinCEN continues to urge financial institutions to monitor for and report suspicious activity related to:

  • Public corruption
  • Fraud
  • Drug trafficking

The agency has issued several advisories, notices, and alerts on these issues, including its 2022 advisory on kleptocracy and foreign public corruption.

FinCEN Exchange: A Voluntary Public-Private Partnership

The FinCEN Exchange is a voluntary public-private partnership that brings together relevant stakeholders from law enforcement agencies and financial institutions. By fostering dialogue and collaboration between industry leaders and government officials, the initiative aims to:

  • Protect national security
  • Safeguard citizens from harm by combating money laundering and its related crimes, including terrorism