USA: Does FinCEN have too much power?


In March, the U.S. Treasury Department’s Financial Crimes Enforcement Network imposed a corporate death sentence on Banca Privada d’Andorra by designating it as a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act.

FinCEN said senior managers at BPA took bribes for several years and in exchange helped organized crime groups launder money.

BPA’s owners are now fighting back for transparency, accountability, and due process, he said.

In October 2015, the majority owners of BPA filed a lawsuit naming the Department of the Treasury and FinCEN as defendants in an effort to save the bank and have the Section 311 action rescinded.