What is the relationship between various bureaus of Treasury?
Particularly OFAC and FINCEN - both of them are concerned with combating terrorist financing and illegal money. But what is the difference between these?
- RaiderLv 710 years agoFavorite Answer
(OFAC) The Office of Foreign Assets Control is an Agency in the U.S. Treasury which enforces economic and trade sanctions against countries and groups of individuals involved in terrorism, narcotics and other disreputable activities.
While FINCEN is the Financial Crimes Enforcement is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes.
Though they seem to be doing the same thing, they, in fact, are not. FINCEN gathers, collects and analyzes the information inside the U.S. for the FBI to handle. OFAC deals with overseas transactions.