The DC Department of Insurance, Securities and Banking became the sixth insurance regulator nationwide to agree to share insurance-related financial information with the federal Financial Crimes Enforcement Network in order to prevent money-laundering and other financial crimes. The department has already signed an agreement to share information on regulated banks and the securities industry with the federal agency, known as FinCEN. The states that have already signed the insurance agreement are Louisiana, California, Wisconsin, Nebraska and Kansas. “Laundering money is crucial to terrorists and organized crime,” said the department’s commissioner, William P. White. “To fight these sophisticated organizations, law enforcement needs to be just as sophisticated. Sharing information is a big part of that, and I look forward to working even more closely with FinCEN.” Said FinCEN Director James H. Freis Jr.: “FinCEN is steadily increasing its efforts to work more closely with state financial regulators, and the District will be a key partner for us. Together, we can accomplish more than we can alone and we’ll both be better able to deter, detect, and track criminals.” FinCEN, a Bureau within the US Department of the Treasury, was created to collect and analyze information about money-laundering, fraud and other financial crimes.