White Paper

Section 314(b): The Best Hope For Collaboration Between Financial Institutions To Combat The Movement Of Illicit Proceeds

By Chris Swecker, Financial Crimes Consultant and former Assistant Director, FBI

In this white paper, Chris Swecker, Former Assistant Director of the FBI, states that “It is no secret that criminals and terrorists have all the advantages when it comes to their use of the financial system to further their illicit activities.”

Swecker provides highlights from several real-life court cases which he refers to as “compelling examples of the yawning holes in the financial industry due to the low level of industry-wide collaboration.” He discusses how the intersection of illicit proceeds generated by criminal activities and money laundering provides compelling rationale for financial institutions sharing under Section 314(b) of the USA PATRIOT Act.

Highlights:

  • Clarification with regard to information protected by the 314(b) safe harbor
  • Significance of the 230 “specified unlawful activities” (SUAs)
  • Example of an industry sharing information to combat a common crime problem

 

Author

Chris Swecker
Financial Crimes Consultant and Attorney
Assistant Director, FBI (retired)
former Global Security Director, Bank of America

Chris Swecker has more than 30 years of experience in law enforcement, national security, legal, and corporate security/risk management. Chris served 24 years with the Federal Bureau of Investigation (FBI) before retiring as one of the bureau’s top officials. As Assistant Director, Chris was responsible for eight FBI divisions encompassing more than half of the FBI’s total resources. He led all FBI criminal investigations including money laundering, organized crime/drug trafficking and financial crime matters; established and led several crime focused national task forces; and testified before Congress on numerous financial crime issues such as identity theft, crimes against children, mortgage fraud, human trafficking, financial crimes, information privacy and data compromise, crimes on the Internet, drug trafficking and gangs. Swecker received the prestigious Presidential Rank Award for his service in Iraq and as Special Agent in Charge of the NC Office. He has appeared as a guest on numerous media programs including CNN, 60 Minutes, Good Morning America, C-SPAN’s Washington Journal, and The Oprah Winfrey Show. Chris is a frequent public speaker on financial crimes, money laundering and cyber crimes.

Tagged as...

  •   314(b) Information Sharing
  •   BSA/AML Compliance
  •   Law Enforcement

Share This...