WASHINGTON, March 5 (UPI) -- James H. Freis has been chosen to head the U.S. Treasury Department's Financial Crimes division, the Treasury announced Monday.
The appointment puts Freis in the hot seat to combat international terrorist and drug cartel money laundering operations around the world.
Treasury Secretary Henry M. Paulson, Jr. announced Freis's appointment as the new director of the Financial Crimes Enforcement Network, or FinCEN. Freis was already working in the Treasury as the department's deputy assistant general counsel for enforcement and intelligence.
"Jim brings leadership, financial expertise and international experience that will serve our nation well as director of FinCEN," Paulsen said. "I am pleased that he will take over and lead FinCEN's critical efforts to safeguard the financial sector from illicit activity. Over the past two years at Treasury, Jim has contributed greatly to Treasury's efforts to protect the country against terrorist financiers, money launderers, and other criminals who abuse the financial system."
As deputy assistant general counsel, Freis was already working closely with FinCEN. He gave "legal support to Treasury's Office of Terrorism and Financial Intelligence, including supervising the legal counsel to FinCEN, the Office of Foreign Assets Control, and the Treasury Executive Office for Asset Forfeiture," the U.S. Treasury Department said in a statement.
Freis was also "responsible for developing international financial measures against rogue states," the statement said
The statement described the Financial Crimes Enforcement Network as "a bureau within the Treasury Department charged with safeguarding the financial system from money laundering and other illicit financial activity through the administration of the Bank Secrecy Act. FinCEN supports the law enforcement and intelligence communities, as well as the regulatory agencies, through the sharing and analysis of financial intelligence."
