With technology and AI increasingly used to perpetrate illegal acts, the IRS’ crime fighting arm is announcing a new program intended to improve how it interacts with financial institutions. The program is called Feedback in Response to Strategic Threat and it was unveiled Friday.
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The cost? DeforestationInside the government study trying to understand the health effects of ultraprocessed foodsBoys with cancer can face infertility as adults. Can storing their stem cells help?Do you eat a meal in 20 minutes or less? It might be time to slow downA timeline of recent British royal eventsMiddle East latest: Israel strikes Beirut for first time since ceasefire with HezbollahTribunal español anula condena por violación al futbolista Dani Alves en apelaciónTrump impone arancel de 25% a autos importados; podría aumentar costos y reducir ventaschanges, with technology and AI increasingly used to perpetrate illegal acts, the IRS’ crime fighting arm —IRS Criminal Investigation— is announcing a new program intended to improve how it interacts with financial institutions. Called Feedback in Response to Strategic Threat —or CI-FIRST— the program unveiled Friday is intended to speed up subpoena requests, give banks better data on how to detect criminal activity and build out investigations faster and more efficiently., banks and financial institutions are required to send over a variety of suspicious activity reports to the federal government after detecting potential money laundering or terrorist financing. The goal for CI-FIRST is to help financial institutions more easily detect and report financial crimes tied to fentanyl trafficking, drug trafficking, human smuggling and other crimes — by streamlining subpoena requests and improving data-sharing with banks. IRS-CI Chief Guy Ficco said in a statement that “public-private partnerships thrive when everyone mutually benefits.” Also on Friday, IRS Criminal Investigation released new statistics highlighting how the agency has investigated financial crimes using Bank Secrecy Act data.The agency found $21.1 billion in fraud tied to tax and financial crimes from 2022 to 2024, seized $8.2 billion in assets tied to criminal activity in the same period, and recouped $1.4 billion in restitution for crime victims, according to the agency. “Behind all of these metrics are real crimes with real victims,” said Lauren Kohr, IRS-CI’s strategic engagement adviser. “A lot of times people look at BSA data or the Bank Secrecy Act as a regulatory requirement, but it’s really one of the sharpest tools law enforcement as a whole has to trace fraud illicit money and dismantle these criminal networks.”IRS-CI special agents ran an average of 966,900 searches annually against currency transaction reports. A currency transaction report, or CTR, is a financial document that banks are required to file with Treasury for any cash transaction exceeding $10,000 in a single day. In the past three years, roughly 67% of cases opened by IRS-CI involved one or more currency transaction reports below $40,000, with half of currency transaction reports involving amounts less than $22,230. Despite the majority of reports coming in below $40,000, a group of Republican lawmakers is pursing raising the threshold. Georgia Rep. Barry Loudermilk and nine other House Republicans have sponsored a bill called the Financial Reporting Threshold Modernization Act, which would raise the currency transaction reporting and Suspicious Activity Reporting thresholds to $30,000 and $10,000, respectively, and index the CTR threshold for inflation every five years.Last December a Government Accountability Office report recommended Treasury help to “reduce the number of CTRs filed that are not used by law enforcement,In addition to their financial crimes work, IRS Criminal Investigations has been called upon by the Trump administration to help with immigration enforcement.to help with the immigration crackdown, according to a letter obtained by The Associated Press. It cites the IRS’s boost in funding, through the $80 billion infusion of funds the federal tax collection agency received under the Democrats’ Inflation Reduction Act hasHussein reports on the U.S. Treasury Department for The Associated Press. She covers tax policy, sanctions and any issue that relates to money.Powerful earthquake rocks Myanmar and Thailand and kills more than 150 peoplePutin says US push for Greenland rooted in history, vows to uphold Russian interest in the Arctic
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Read more »