VIENNA, Va. (5/2/12)--The Louisiana Commissioner of Insurance and the Financial Crimes Enforcement Network (FinCEN) have signed a Memorandum of Understanding (MOU) that will allow the state and federal regulators to share information meant to better protect the financial industry and consumers from criminal activity and fraud.
FinCEN hopes this is just the first of many such agreements with states. The goal of the MOU are to enhance communication and coordination between FinCEN and state insurance departments to help states better identify, deter and interdict financial crime. FinCEN the agreement should also help states to efficiently pass information along to FinCEN, which would enhance its crime-fighting efforts.
Louisiana's insurance commissioner, James J. Donelon, is president-elect of the National Association of Insurance Commissioners, and FinCEN said he will "help set the standard for other states to follow."
"This is a significant tool that will enhance our efforts to better protect our consumers from fraud and other criminal activity," said Commissioner Donelon in the MOU announcement.