shasky, director shasky, you are recognized. and i don't know how long they told you you had to give your testimony. what'd we say? pardon? all right. seven minutes, but you can go a little longer. if you're way beyond that, we'll have to draw it to a close. but you're recognized. please proceed. >> thank you, chairman -- >> just know that for you and the other witnesses, your entire statement will be made a part of the record. please proceed. >> thank you. good amp, chairman carper. as you mentioned, i am jennifer shasky cavalry, the director of the enforcement crimes network, and i'm pleased to be here today to discuss the important regulatory, enforcement and analytical work we are doing to prevent illicit actors from exploiting the u.s. system aztec logical advances create new ways to create money. fincen's mission is to combat money laundering and promote national security through the collect, analysis and dissemination of financial intelligence and the strategic use of our financial authorities. we work to achieve this mis

shasky, director shasky, you are recognized. i don't know how long they told you you had to give your testimony. what did we say? pardon? all right. seven minutes, but you can go a little longer. if you're way beyond that, you'll have to close. you're recognized. please proceed. >> thank you, chairman. >> for you and the other witnesses, your entire statement will be made part of the record. >> thank you, good afternoon, chairman carper. as you mentioned, i'm geniture shasky calvary, and i'm pleased to be here today to discuss the important regulatory, enforcement and analytical works to prevent illicit actors from exploiting the internet system as they create new ways to move money. our mission is to safeguard the financial system from illicit use, combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and the strategic use of our financial authorities. we work to achieve this by administering the bank's skraet act, the antimoney laundering regulatory

jennifer shaski-gavari is the director of financial crimes enforcement network. prior to joining treasury she was chief of the asset forfeiture and money laundering section at the u.s. department of justice. as chief miss shasky-cavalry managed a justice department program responsible for the of annual forfeiture of more than 1.5 billion in criminal assets and related programs to make hoe sure those assets were returned to victims and reinvested in law enforceme enforcement. she's also testified before congress on a wide range of issues including transnational organized crime, financial nal crime, state business me, incorporation practices, and this one will please break some new boundaries as well.mmonwe welcome. mr. david kameny has served in that position since november 2010 over seeing over ng200 ban and credit unions with assets in excess of 325 billion.cotney mr. cotney is an active contributor to consumer protection efforts both in massachusetts and nationally. in 2013 he was elected as vice chairman of the board of directors of the conference of state ban

shasky. >> okay. all right. as director of fensen, overlo s overlooks. director shasky cavalry, chief of asset money laundering section at the department of justice. our second witness has a name i've never heard before. her first name is mithely ramen. has your name ever been mispronounced. >> many times? >> today. >> not today. >> we'll try to keep it that way. acting attorney general for department of justice criminal division, as head of the criminal division oversees 600 attorneys who prosecute federal crime cases across our country. prior to joining the criminal position sherved for a decade as assistant u.s. attorney for the district of columbia, our neighbor. our final witness on this panel is edward lowery. he's a special agent in charge of criminal investigation division at the secret service. mr. lowery began his career in 1992 and has been in his current position since february 2012. in this position mr. lowery directs and coordinates investigative activities of the agency and dai

we have miss jennifer shasky calvery. fin scecen. she managed a justice department program responsible for annual forfeiture of more than $1.5 billion in criminal assets in related programs to ensure those assets returned to victims and reinvested in law enforcement. she has also testified before congress on a wide range of issues including trans national organized crime, state, business incorporation practices. will probably break new boundaries as well. welcome. >> mr. david cotton, commissioner of banks for the commonwealth of massachusetts. he has served in that position since november 2010 seeing supervision of 2,000 banks and credit unions with assets in excess of $325 billion. mr. cotney is an active contributor to consumer protection efforts both in massachusetts and nationally. in 2013 he was elected as vice chairman of the board of directors of the conference of state bank supervisors on whose behalf he testifies here today. welcome mr. cotney. miss shasky, cavelry. >> i'm director of treasury p crime enforcement or fincen.

shasky. >> sure, taking the questions in turn. fincen has never opined and still is not opining on whether virtual currency is a real currency or a commodity, as the questions are outside of our purview. we are the anti-money laundering, counterterrorist financialing regulator for the federal government, so our regulations spoke to that and only that, and we tried to make that clear in our guidance this last march. but this country, like all countries, has an interest, not only in protecting our financial system from money laundering and terrorist financial, but also protecting consumers from fraud, collecting taxes, protecting investors, insuring economic stability, all things that are part of our regulatory system, but outside of the purview of fincen so to the extent that this body or others feel that it's appropriate to take those considerations into account with regard to virtual currency, we would look forward to working with them to make sure we're as coordinated as possible in our act

we have miss jennifer shasky calvery. fin scecen. she managed a justice department program responsible for annual forfeiture of more than $1.5 billion in criminal assets in related programs to ensure those assets returned to victims and reinvested in law enforcement. she has also testified before congress on a wide range of issues including trans national organized crime, state, business incorporation practices. will probably break new boundaries as well. welcome. >> mr. david cotton, commissioner of banks for the commonwealth of massachusetts. he has served in that position since november 2010 seeing supervision of 2,000 banks and credit unions with assets in excess of $325 billion. mr. cotney is an active contributor to consumer protection efforts both in massachusetts and nationally. in 2013 he was elected as vice chairman of the board of directors of the conference of state bank supervisors on whose behalf he testifies here today. welcome mr. cotney. miss shasky, cavelry. >> i'm director of treasury p crime enforcement or fincen.

shasky sort of took issue with the idea that u.s. businesses might move overseas seeking a better regulatory environment, and i think her suggestion was that if somebody leaves the u.s. seeking lax treatment, they're going to find eventually it's going to catch up with them. and i think the danger is not that somebody who's trying to facilitate an illicit business is going to leave the u.s. the danger is that real hard working entrepreneurs who are looking to comply just don't find a regulatory environment it is a amenable here. and that's something that we don't want to allow to stretch for too much time. >> okay, thank you. i want to go back to mr. allen. i think you mentioned the guidance issue, the issue by fincen. and i'm not going to ask -- probably ask mr. allaire to lead off and respond to this question. but the issue with the guidance earlier this year, i think back in the spring, they stated that virtual currency exchanges and administrators would need to register as a money service business and apply for money transmitter