Reported by HENRY POPE

As part of President Joe Biden’s 2024 fiscal budget proposal, roughly half a billion dollars is set to be dedicated towards deterring criminal actors from laundering their ill-gotten gains through the U.S. financial system.

If passed, President Joe Biden’s 2024 fiscal budget proposal would see roughly half a billion dollars dedicated towards deterring financial crime. (Photo: Wally Gobetz, Flickr, License)

One such agency mandated to combat money laundering, terrorist financing, and other financial crimes at home and abroad is the Financial Crimes Enforcement Network (FinCEN) which is set to receive US$229 million from the proposed $6.8 trillion budget.

Illicit proceeds equal an estimated two percent of U.S. gross domestic product, according to findings in the Treasury’s 2022 Strategic Action Plan. If approved by Congress, the budget will raise the bureau’s funding by approximately 20 percent from the previous fiscal year.

To help stem the tide of malicious financial activity, the new budget also makes room for the Beneficial Ownership Secure System in order to close “loopholes that allow illicit actors to evade scrutiny, mask their dealings, and undermine corporate accountability.”

Read full report: https://www.occrp.org/en/daily/17414-biden-proposes-almost-500-bn-to-combat-financial-crime-in-u-s