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SAN JUAN, Puerto Rico—Andrea Gacki, Director of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), traveled to Puerto Rico from February 20-22 to highlight collaborative efforts to combat public corruption, fraud, and drug trafficking. Director Gacki hosted the first FinCEN Exchange in Puerto Rico, addressed the 20th Annual Puerto Rico Bankers Association Symposium of Anti-Money Laundering, and met with Puerto Rican officials to discuss illicit finance threats.
FinCEN Exchanges bring together representatives from the financial industry and Federal and regional law enforcement. This particular session aimed to enhance collaboration between law enforcement and federally chartered commercial banks in Puerto Rico. Co-hosted by the United States Attorney’s Office for the District of Puerto Rico, the FinCEN Exchange included representatives from the financial industry in Puerto Rico, as well as the Federal Bureau of Investigation, IRS – Criminal Investigation, and Homeland Security Investigations. FinCEN and law enforcement highlighted the significant value that Suspicious Activity Reports contribute to law enforcement efforts to combat illicit finance. Participants shared views on ways to broaden communication to support law enforcement’s efforts in Puerto Rico and discussed drug trafficking, money laundering, and related issues on the island.
Director Gacki also met with Federal and Commonwealth officials to discuss illicit finance risks of mutual concern. Among others, she met with the U.S. Attorney for the District of Puerto Rico, the Puerto Rico Secretary of State, and the Commissioner of Puerto Rico Financial Institutions, all of whom work with FinCEN in advancing its mission to combat money laundering and counter the financing of terrorism.
Director Gacki’s trip comes six months after FinCEN assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation—FinCEN’s first civil money penalty against a Puerto Rican International Banking Entity for violations of the Bank Secrecy Act.
FinCEN continues to call on financial institutions to monitor for and report suspicious activity related to public corruption, fraud, and drug trafficking, and has previously issued several advisories, notices, and alerts on these issues, including its 2022 advisory on kleptocracy and foreign public corruption.
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FinCEN Exchange is a voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. FinCEN Exchange aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities.
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