The U.S. Department of the Treasury has appointed a new director to head its Financial Crimes Enforcement Network (FinCEN). Andrea Gacki was named to the position July 13 by Treasury Sec. Janet Yellen.
“I am honored and excited to serve as the Director of FinCEN. FinCEN plays a vital role in safeguarding the U.S. financial system, and I look forward to leading the FinCEN team in these important efforts,” Gacki said in the announcement. “I also look forward to continuing FinCEN’s critical efforts to implement the Anti-Money Laundering Act of 2020, including the Corporate Transparency Act.”
Prior to being named Director of FinCEN, Gacki served as Director of the Office of Foreign Assets Control (OFAC), where she led the implementation and enforcement of economic sanctions "during critical national security challenges," the news release states. Gacki also was Treasury's Under Secretary for Terrorism and and Financial Intelligence (TFI), "giving her deep experience and expertise on the unique role that TFI, including FinCEN, plays in combating illicit finance threats," the release states.
Prior to OFAC, Gacki was a trial attorney in the Federal Programs Branch of the Civil Division of the U.S. Department of Justice (DOJ), the release states. She began her career as an associate at a large international law firm, according to the release.
Gacki's appointment comes as FinCEN is under scrutiny by some Republicans in Congress. In June, Rep. Patrick McHenry (R-N.C.) chair of the House Financial Services Committee, introduced two bills intended to bring transparency and accountability to FinCEN and ensure the protection of small-business data, the Accountability Through Confirmation Act and the Protecting Small Business Information Act.
McHenry congratulated Gacki on the appointment on social media.
"@financialcmte is working to ensure that the forthcoming regime follows Congressional intent—supporting national security without overly burdening small businesses," McHenry posted on Twitter July 14. "I look forward to working collaboratively with Director Gacki in her new role."
Treasury Sec. Janet Yellen said in a statement that Gacki "has been the consummate public servant" for more than 20 years and through five presidential administrations, and has "demonstrated the very best that Treasury has to offer through her various roles with the Department."
"Andrea is simply an unparalleled fighter against the scourge of illicit finance," Yellen said in her statement. "As FinCEN embarks on its most ambitious project in recent years – bringing transparency to corporate ownership and protecting the U.S. financial system – there’s no one I trust more to lead the office than Andrea.
"Andrea’s encyclopedic knowledge of policy, her deep global relationships, and her steady leadership will ensure the Bureau continues to set the international standard for combating financial crimes," Yellen said.