FOR IMMEDIATE RELEASE
ICBA Statement on Resignation of FinCEN Director Fox
Washington, D.C. (January 31, 2006) - The Independent Community Bankers of America (ICBA) expresses its great appreciation for the leadership of William J. Fox, director of the Financial Crimes Enforcement Network (FinCEN), who announced his departure this week.
"Director Fox's leadership and work at FinCEN advanced the task of helping to secure the nation's banking and financial system against criminals and terrorists," said David Hayes, ICBA chairman, and chairman and CEO of Security Bank, Dyersburg, Tenn.
"While at FinCEN, Bill worked tirelessly to reach out to the many industries subject to Bank Secrecy Act requirements, especially community banks," said Camden R. Fine, ICBA president and CEO. "ICBA greatly appreciated the chance to work with Bill during his tenure to help ensure the banking industry employed effective, but efficient, anti-money laundering and anti-terrorist financing programs. Community bankers will miss his frank and open approach to issues."
The Financial Crimes Enforcement Network has played an integral role in the government's efforts to safeguard the financial system from the abuses of terrorist financing, money laundering and other financial crime. During Director Fox's tenure, the agency implemented many of the regulations required by the USA PATRIOT Act, including rules affecting many new industries.