At Burnham & Gorokhov, we specialize in defending individuals and businesses facing federal criminal charges, including those investigated by the Financial Crimes Enforcement Network (FinCEN). Understanding FinCEN’s role in detecting and prosecuting financial crimes is crucial for anyone involved in a federal investigation. This article provides an overview of FinCEN’s responsibilities, examples of typical cases, and insights into how we can help you navigate these complex legal challenges.
What is FinCEN?
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. Established in 1990, FinCEN’s mission is to combat money laundering, terrorist financing, and other financial crimes. It collects, analyzes, and disseminates financial intelligence to law enforcement agencies and regulatory authorities to help identify and prosecute criminal activities.
Detecting Financial Crimes
FinCEN plays a critical role in detecting financial crimes by monitoring and analyzing financial transactions. It requires financial institutions, such as banks, credit unions, and money service businesses, to file reports on suspicious activities. These reports include:
Suspicious Activity Reports (SARs): SARs are filed when a financial institution detects potentially suspicious or unusual transactions that may indicate illegal activities. FinCEN reviews these reports to identify patterns of money laundering, fraud, and other financial crimes.
Currency Transaction Reports (CTRs): CTRs are filed for transactions involving currency over $10,000. These reports help FinCEN track large cash transactions that could be linked to criminal activities.
Foreign Bank Account Reports (FBARs): FBARs are filed by individuals and entities with foreign bank accounts exceeding $10,000. These reports help FinCEN identify offshore accounts used for illegal purposes.
Prosecuting Financial Crimes
FinCEN collaborates with various federal and state law enforcement agencies, including the FBI, DEA, and IRS, to investigate and prosecute financial crimes. It provides valuable intelligence and analysis that support criminal investigations and prosecutions. Typical FinCEN cases include:
Money Laundering: Money laundering involves concealing the origins of illegally obtained money, typically through a complex series of financial transactions. FinCEN identifies suspicious patterns in financial data that indicate money laundering activities.
In a notable case, FinCEN’s analysis of SARs helped uncover a large-scale money laundering operation involving drug trafficking proceeds. The investigation led to multiple arrests and significant asset seizures.
Bank Fraud: Bank fraud involves using deceit or deception to obtain money, assets, or other property from a financial institution. FinCEN’s monitoring of CTRs and SARs helps identify fraudulent activities.
FinCEN’s analysis of suspicious transactions helped detect a sophisticated bank fraud scheme where individuals created fake accounts to secure large loans. The investigation resulted in several convictions and the recovery of stolen funds.
Terrorist Financing: FinCEN also plays a vital role in combating terrorist financing by identifying and disrupting financial networks that support terrorism. It works closely with international partners to track and block funds used for terrorist activities.
FinCEN’s collaboration with international financial intelligence units led to the identification and dismantling of a terrorist financing network operating across multiple countries. The operation resulted in the freezing of assets and the arrest of key operatives.
How Burnham & Gorokhov Can Help
Facing a federal investigation involving FinCEN can be overwhelming and complex. At Burnham & Gorokhov, we have extensive experience defending clients in cases involving financial crimes. Our team of skilled attorneys will:
- Provide Expert Legal Advice: We will explain the charges against you, your rights, and the legal options available to you.
- Develop a Strong Defense Strategy: We will analyze the evidence, identify weaknesses in the prosecution’s case, and develop a tailored defense strategy.
- Represent You in Court: Our experienced trial lawyers will vigorously represent you in court, challenging the prosecution’s evidence and advocating for your rights.
- Negotiate on Your Behalf: We will negotiate with prosecutors to seek favorable plea deals or reduced charges when appropriate.
If you or your business is under investigation by FinCEN or facing charges related to financial crimes, it is crucial to seek experienced legal representation immediately. At Burnham & Gorokhov, we are dedicated to protecting your rights and providing the best possible defense. Contact us today to schedule a consultation and discuss your case with our knowledgeable attorneys. Don’t face these complex legal challenges alone—let us help you navigate the federal investigation process and work towards a favorable outcome.