Congressman Lynch Moves to Strengthen Terrorist Financing Watchdog FinCEN

Jul 7, 2016 Issues: Anti-Terrorist Financing

WASHINGTON, D.C. – Today, Congressman Stephen F. Lynch’s amendment to strengthen the Department of Treasury’s Office of the Financial Crimes Enforcement Network (FinCEN) was accepted to H.R. 5485, the Financial Services and General Government Appropriations Act, 2017. As the lead Democrat on the Financial Services Committee’s Task Force to Investigate Terrorism Financing, Congressman Lynch (D-Boston) is a strong advocate of FinCEN’s work to monitor and disrupt the flow of money to terrorist networks around the world. Congressman Lynch’s amendment increases funding for FinCEN by $3,300,000 to enhance the agency’s supervisory strategy of Money Services Businesses and to meet the growing demand for FinCEN’s national security response capacity.

Terrorists’ proven ability to move money through innovative means necessitates continued progress in this critical counterterrorism area. By sharing financial intelligence with law enforcement, private industry, and its foreign counterparts, FinCEN plays a vital role in the global counterterrorism strategy.

“As our country’s financial intelligence unit, FinCEN is a critical tool in our arsenal to disrupt the flow of funding to terrorist organizations. From monitoring revenue sources for ISIS and Boko Haram to examining the abuse of shell companies to launder money, the skilled staff at FinCEN work tirelessly every day to track and stop the flow of illicit funds that would otherwise end up in the hands of bad actors,” said Congressman Lynch. “As threats of terrorism increase worldwide, FinCEN faces a greater demand for its intelligence reporting. The additional $3.3M included in my amendment will help to improve both our national security and the national security of our allies abroad.”

Congressman Lynch’s amendment has bipartisan support from members of the Task Force to Investigate Terrorism Financing including Chairman Michael Fitzpatrick (R-PA), Vice Chair Robert Pittenger (R-NC), Congressman French Hill (R-AR), Congressman Rubén Hinojosa (D-TX), Congresswoman Kyrsten Sinema (D-AZ), Congressman Brad Sherman (D-CA), Congressman Keith Ellison (D-MN), and Congressman Gregory Meeks (D-NY).

Congressman Lynch has long advocated for strengthening the national anti-terrorist financing strategy. Since 2015, Congressman Lynch has served as the Ranking Member of the Financial Services Committee’s Task Force to Investigate Terrorism Financing. Last week, Congressman Lynch and members of the Task Force introduced a bipartisan package of bills to strengthen global anti-terrorist financing strategy. Congressman Lynch also founded the bipartisan Task Force on Anti-Terrorism and Proliferation Financing during the 109th Congress and continues to serve as the Democratic Chairman.