Robert Werner Appointed as Director of FinCEN
U.S. Treasury Secretary John Snow named Robert (Bob) Werner as the new Director of the Financial Crimes Enforcement Network (FinCEN). Bob will be succeeding Bill Fox, who resigned a few weeks ago to accept a position with the Bank of America. FinCEN plays a pivotal role in the U.S. government’s efforts to fight terrorist financing and money laundering. FinCEN has the unique position of dealing with a diverse constituency that includes law enforcement, regulatory agencies and financial institutions. In addition, FinCEN is a visible leader in the international community among its companion Financial Intelligence Units, who are joined together in the Egmont Group. This diverse constituency requires FinCEN to deal with a multitude of sensitive issues. In many instances, the interests of law enforcement, regulators and financial institutions vary with respect to specific issues.
Bill Fox did a masterful job of dealing with the varying issues. He strove to establish and maintain strong partnerships with all constituencies. Bill made a point of personally attending and addressing audiences at numerous industry forums to hear about the issues and concerns, and more importantly to address such issues and concerns.
Bob Werner will be coming to FinCEN from the Office of Foreign Assets Control (OFAC) where he has served as Director for the past few years. Bob has worked diligently to make OFAC a more transparent and responsive agency. I know from direct observation, contact with former colleagues in law enforcement, other segments of government and the private sector that Bob is highly respected. Like Fox, Werner has worked vigorously to establish strong relationships with the financial sector, other government components and with foreign counterparts. Bob has participated in numerous industry forums that I’ve attended. He is consistently open and responsive to questions, concerns and recommendations. Based on his experience and receptiveness Bob has established a sense of credibility and is considered industry friendly.
In the press release issued earlier today, Secretary Snow stated “I have full confidence that Bob will continue to protect our country against terrorist financiers, money launderers and other financial criminals in his new role as Director of FinCEN’. When Fox announced his resignation, I was concerned about the possible direction FinCEN would take in the future. I’m at ease with Bob’s appointment and share Secretary Snow’s optimism. Good luck Bob.
