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FEDERALhearing transcript
High Impact

Senate Hearing on Treasury Department Funding and Anti-Money Laundering Efforts

Original title: FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS FOR FISCAL YEAR 2023

January 1, 2021

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The Frame

What this does

The hearing evaluates the effectiveness of recent federal funding increases for TFI and FinCEN, which are tasked with enforcing international sanctions and preventing the use of anonymous shell companies for money laundering.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Corporations and LLCs

These entities must comply with new federal requirements to report their beneficial owners to a FinCEN database.

TFI and FinCEN employees

These agencies are receiving increased funding and expanded mandates to enforce sanctions and combat financial crimes.

What changed

Last recorded activity January 1, 2021.

What's next

Next step not available in the current record.

Summary

This Senate subcommittee hearing reviews the budgets and operations of the Office of Terrorism and Financial Intelligence (TFI) and the Financial Crimes Enforcement Network (FinCEN). The discussion focuses on how these agencies use federal funding to enforce sanctions against Russia and implement new corporate ownership reporting requirements.

Key Facts

  • TFI and FinCEN received a 26% and 76% budget increase respectively over fiscal year 2021 levels.
  • The fiscal year 2022 omnibus bill provided $44 million in emergency supplemental funding to TFI and FinCEN for Ukraine-related efforts.
  • The April 2022 Ukraine supplemental bill provided an additional $23 million specifically for FinCEN.
  • The subcommittee previously provided a $20 million increase for the annual TFI budget and a $48 million increase for the annual FinCEN budget.
  • FinCEN received an additional $34 million in the fiscal year 2022 omnibus bill to implement beneficial owner reporting requirements.
  • The Anti-Money Laundering Act of 2020 requires FinCEN to create a database of beneficial owners for corporations and LLCs to prevent the use of anonymous shell companies.
  • The IMF projects Russia's economy will shrink by more than 8% in 2022 due to international sanctions.
  • The subcommittee is currently drafting legislation regarding secondary sanctions to address foreign entities increasing trade with Russia.

Why It Matters

The hearing evaluates the effectiveness of recent federal funding increases for TFI and FinCEN, which are tasked with enforcing international sanctions and preventing the use of anonymous shell companies for money laundering.

Frequently Asked Questions

What is the purpose of the Office of Terrorism and Financial Intelligence (TFI)?
TFI is responsible for identifying, disrupting, and disabling financial networks used by criminals, terrorists, and other national security threats.
What are beneficial owner reporting requirements?
Under the Anti-Money Laundering Act of 2020, companies must report the real individuals who own or control them to a FinCEN database to prevent the use of anonymous shell companies for money laundering.
Why did FinCEN receive a significant budget increase?
The increases are intended to support the implementation of the Anti-Money Laundering Act of 2020 and to provide resources for enforcing sanctions related to the war in Ukraine.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Lobbying Activity

AARP

$4,110,000

2026

HEALTH ISSUESMEDICARE/MEDICAIDLAW ENFORCEMENT/CRIME/CRIMINAL JUSTICEPHARMACY

P.L. 119-21, One Big Beautiful Bill Act H.R. 8867, Planning for Long-term Aging Needs (PLAN) Act H.R. 5861, Legacy Act of 2025 H.R. 9393, the Lower Costs, More Transparency Act. H.R. 9396, the Prior Authorization Accountability Act. S. 4916, the Aging with Artificial Intelligence Act. H.R. 8100, Safe Staffing Saves Lives Act. S. 3886, Nurses Belong in Nursing Homes Act. H.R. 6766/S. 3492, the Essential Caregivers Act of 2025. H.R. 7966/S. 4118, Hospice Care Accountability, Reform, and Enforcement (Hospice CARE) Act. S. 2120, the Older Americans Act Reauthorization Act of 2025 H.R. 5575, the Firefighters Assisting Seniors to Emergency Response (FASTER) Act of 2025. H.R. 3954/S. 4641, Improving Access to Medicare Coverage Act. H.R.5554/S.2831, Stand Strong for Medicare Act. S. 3439/H.R. 6735, Connecting Caregivers to Medicare Act and efforts related to the bill S. 1227/H.R. 2491, Alleviating Barriers for Caregivers Act S. 668/H.R. 3183, Supporting Access to Falls Education and Prevention and Strengthening Training Efforts and Promoting Safety Initiatives (SAFE STEPS) for Veterans Act of 2025 CMS-1851-P, Hospice Proposed rule. CMS-1843-P, Skilled Nursing Facility Proposed rule. CMS-1844-P, Home Health Proposed rule. No bill number. Health care transparency. No bill number. Discussed use of artificial intelligence and health data technology. No bill number. Discussed health-related policies and activities around the fall respiratory virus season. No bill number. Discussed health insurance affordability proposals. No bill number. Discussed Nursing Home staffing standards, safety, and quality. No bill number. Discussed Nursing home transparency and ownership requirements. No bill number. Discussed home health, hospice, and long-term care. No bill number. Discussed falls prevention. No bill number. Discussed social isolation. No bill number. Discussed HUD Assisted Living Requirements No bill number. Discussed family caregiving. No bill number. Discussed AARP paper on Medicare Caregiver Training Services. No bill number. Discussed Medicaid community engagement interim final rule, including the family caregiver exemption. No bill number. Discussed the paid direct care workforce in long-term care. No bill number. Discussed the unaffordability of long-term care. No bill number. Discussed Money Follows the Person Rebalancing Demonstration Program and Medicaid HCBS spousal impoverishment protections. No bill number. Discussed Medicaid fraud and family caregivers, Medicaid self-direction programs. No bill number. Discussed sandwich generation family caregiver hearing and submitted a statement for the record discussing family caregivers and sandwich generation caregivers, programs that support them, AARP caregiving resources, and federal policies to support sandwich generation caregivers and caregivers more broadly. No bill number. Discussed long-term care. No bill number. CMS-2453-NC; Medicaid Program; 2028 Medicaid Home and Community-Based Services Quality Measure Set Submitted comments No bill number. Discussed expanding access to home care. No bill number. Discussed the increasing cost of home care No bill number. Discussed HSA use for telehealth chronic care management services/subscriptions. No bill number. Discussed artificial intelligence and technology

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Aggressive expansion of anti-money laundering oversight

The federal government is moving from general monitoring to a mandatory, centralized database of corporate ownership to combat anonymous shell companies.

Connected Entities

personChris Van HollenChairman of the Senate Subcommittee on AppropriationsMap →
organizationOffice of Terrorism and Financial IntelligenceTreasury agency focused on national security and financial threatsMap →
personWally AdeyemoDeputy Secretary of the TreasuryMap →
organizationFinancial Crimes Enforcement NetworkTreasury agency focused on anti-money launderingMap →
personCindy Hyde-SmithRanking Member of the Senate Subcommittee on AppropriationsMap →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance85
    How much this matters to a regular citizen
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment20
    Compellingness for a non-policy-wonk reader
  • Buzz50
    Current news / social attention level

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