WASHINGTON — Eyebrows were raised at financial services trade associations after the Financial Crimes Enforcement Network submitted a report to the Treasury Department stating that reporting cross-border wire transfers by financial institutions is "technically feasible" and worthwhile.

The report outlines how to resolve the remaining technical and policy issues regarding regulatory implementation according to FinCEN. The information potential "may be valuable to the government's efforts to combat money laundering and terrorist financing," according to FinCEN.

"FinCEN is firmly committed to working with the financial services industry and our partners in the regulatory and law enforcement communities to consider the design and implementation of a suitable and efficient potential reporting regime," FinCEN Acting Director William F. Baity said. "I believe this inclusive, step-by-step approach will allow us to determine the right balance between providing real anti-money laundering and anti-terrorist financing benefits without imposing a burden and will go a long way in helping our efforts to protect our economic and national security."