FinCEN Director Bob Werner to Leave His Post

By Dennis Lormel

Robert W. Werner, Director, Financial Crimes Enforcement Network (FinCEN) announced his resignation on November 21, 2006. FinCEN is the United States’ Financial Intelligence Unit (FIU) and plays an important role in the government’s anti-money laundering and terrorist financing efforts. Mr. Werner is the third Senior Executive to leave FinCEN in the last year. Bob succeeded Bill Fox as Director. Bill left in January 2006, to accept a Senior Management position with Bank of America. Likewise, William Langford resigned from FinCen as Associate Director of Regulatory Policy and Programs at the end of March 2006. William accepted a Senior Management position with JPMorgan Chase.

Bob Werner will be leaving FinCEN at year end. He accepted a Senior Management position with Merrill Lynch. Like Fox and Langford, Werner established a visible and credible leadership position in his role as Director of FinCEN. He balanced the demands of law enforcement, the regulators and the banking industry with a great deal of understanding and sensitivity. In addition, Mr. Werner maintained FinCEN’s leadership role with the Egmont Group, the international body of FIU’s. Bob was visible and approachable. He accepted numerous opportunities to speak and participate at industry conferences where he addressed significant issues openly and honestly. As a result, Bob earned the respect of his diverse constituency.

As was the case with Bill Fox and William Langford, I’m sorry to see Bob depart. He served FinCEN well. On the other hand, I’m happy for the opportunity presented to him. I wish Bob and his family well with their new endeavors.

The loss of Fox, Langford and Werner within a year’s time is cause for concern. As an agency, FinCEN will continue to perform its responsibilities in a capable manner. However, the turnover of senior officials in such a compressed time frame places a strain on mission continuity and constituency liaison. The loss of executive personnel at FinCEN is no different then that encountered by other government agencies, most notably the FBI. It is a government wide problem. This “brain drain” requires closer scrutiny and assessment. I plan to follow up with a post specifically addressing this issue.

Returning to Bob Werner, prior to accepting the position of Director at FinCEN, he served as Director of the Office of Foreign Assets Control (OFAC). In both Directorship’s, Bob served the country with dignity and distinction. He deserves our gratitude and admiration.

November 30, 2006

http://counterterrorismblog.org/2006/11/fincen_director_bob_werner_to.php