Washington, D.C. (November 9, 2017) Congressman Steve Pearce released the following statement after the U.S. Department of the Treasury named Acting Assistant Attorney General Kenneth Blanco as the new head of the Treasury's Financial Crimes Enforcement Network (FinCEN):

"As Chairman of the Terrorism and Illicit Finance Subcommittee, I understand the important work that Treasury's FinCEN department plays in combating money laundering, terrorist financing, and other illicit financing activities. FinCEN needs a strong, forward looking leader that will continue to innovate and ensure the Bureau is achieving its mission. Kenneth Blanco has decades of experience, I look forward to working closely with him to provide FinCEN and Treasury with the tools they need to succeed in protecting our nation from illicit activity."

Background
FinCEN was established by the U.S. Department of the Treasury in 1990 and was upgraded to official Bureau status in 2002 with the passage of the PATRIOT Act. The Bureau acts as the United States' financial intelligence unit (FUI) and is the primary regulator of the Bank Secrecy Act - our nation's first and most comprehensive federal anti-money laundering statute. FinCEN's mission is to safeguard the financial system from illicit use, combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Rep. Pearce was named the Chairman of the new House Subcommittee on Terrorism and Illicit Finance, formally established as a part of the House Financial Services Committee in the 115th Congress.