Cato Expert: The Bank Secrecy Act Isn’t Working — and the Numbers Prove It
The Financial Crimes Enforcement Network has again failed to share the full suite of data needed to fully evaluate the Bank Secrecy Act, and the data that was shared once again proved that financial surveillance is ineffective.
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A new blog post by Nick Anthony, a research fellow at the Cato Institute’s Center for Monetary and Financial Alternatives, discusses why it is time to end the failed Bank Secrecy Act, writing in part:
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According to FinCEN, more than 28.7 million reports were filed in fiscal year 2025. That’s roughly 78,000 reports a day. And the vast majority of these reports are not filed because someone is suspected of terrorism or human trafficking. Rather, it’s because they used ‘too much’ cash.
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To speak with Nick Anthony further on the need to end the Bank Secrecy Act, contact Cato PR at pr@cato.org.
Source: https://www.cato.org/news-releases/cato-expert-bank-secrecy-act-isnt-working-numbers-prove-it
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