DOJ Directed to Issue Wire Fraud Report
June 11, 2019
At ALTA’s request, the House Appropriations Committee directed the Department of Justice to issue a report to Congress on its efforts to combat wire fraud. This is part of Congress' annual appropriations process that directs how government agencies spend money.
On pages 15 and 16 of the report, the committee directs the U.S. Department of Justice to provide a report detailing ongoing activities to both combat and raise awareness of wire fraud in real estate.
“The report should detail any joint activities conducted with the Department of Justice, Federal Bureau of Investigation, Federal Trade Commission, and other relevant agencies,” the committee wrote in its report. “The report should also include recommendations to Congress on any legislative changes that would enhance these efforts.”
In the report, the committee recommends more than $1.2 million be appropriated for FinCEN. The committee also urges FinCEN to continue working with federal regulators and financial institutions to encourage innovative approaches to detecting and combating money laundering and terrorist financing, including artificial intelligence and machine learning technology.
While Congress mandated these reports to come out no later than 90 days after the legislation is enacted, agencies frequently are delayed on drafting these reports. If you have any questions, contact Emily Tryon at [email protected].
Contact ALTA at 202-296-3671 or [email protected].