FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
How do we keep FinCEN Directors on the job?
31 July 2007
The departure of both William Fox and Robert Werner from the Director position at FinCEN, for lucrative jobs in the private sector, is indicative of a major problem. We simply cannot afford to lose qualified leaders in the ongoing battles against financial crime and terrorist financing. Perhaps we need to take sufficient steps to ensure that the Financial Crimes Enforcement Network has long-term leadership.
First, let us examine some possibilities. Just what might make the FinCEN directorship more attractive? here is what I would like if I was sitting in the Director's chair:
Remember, Congress isn't the only group openly questioning both FinCEN's mission capability and relevance in the post 9-11 world. Why not upgrade the agency, so that it can both support fellow law enforcement agencies, and also investigate cases on its own.
- Create a cabinet-level position on financial crime and terrorist financing, and give it to the Director.
- Give FinCEN Special Agents, with powers of arrest, for financial crime violations.
- Create a fully functional software programme (not BSA Direct, which failed) that will assist federal law enforcement agencies investigate financial crime and terrorist financing.
- Place FinCEN agents in US embassies abroad, with support staff, to collect intelligence.
- Pay FinCEN Directors the same middle six-figure salary they would draw in the private sector.
- Hire some of the best retired FBI and DEA agents for FinCEN, those with extensive white-collar crime investigative experience.
Remember, Congress isn't the only group openly questioning both FinCEN's mission capability and relevance in the post 9-11 world. Why not upgrade the agency, so that it can both support fellow law enforcement agencies, and also investigate cases on its own.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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