|
|
Article: Treasury's crime unit undergoing a face-lift: management reduced by one-third; focus shifted to identifying trends. (Financial Crimes Enforcement Network)
- Article from:
- American Banker
- Article date:
- December 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Management Reduced by One-Third; Focus Is Shifted to Identifying Trends
WASHINGTON -- The Financial Crimes Enforcement Network, admitting it needed a clearer strategy and fewer managers, is reorganizing to better fight money laundering.
Last week, Stanley E. Morris, the agency's director, cut its management by a third and eliminated the Office of Financial Enforcement, which had been the banking industry's main Treasury Department contact.
The agency also will switch its focus to identifying patterns of financial crime rather than just catching individual money launderers.
In an interview, Mr. Morris said a muddled management structure and lack of a clear ...