Feb.04, 2010, 11:06 A.M. ET

The financial crimes enforcement division of the U.S. Treasury department plans to enhance information sharing with international and local law enforcement agencies on transactions potentially involved in money laundering, a Treasury official told Senators Thursday.

In prepared remarks to a Senate committee hearing on how top African politicians had evaded anti-money laundering laws to bring hundreds of millions of dollars into the country, James Freis, director of the Treasury's Financial Crimes Enforcement Network, said the agency is pursuing a number of steps to beef up enforcement.

"As we continue to focus on executing our strategy, we must increase global public awareness of the threat posed by foreign corruption so that our efforts to combat this threat become a priority for all nations," Freis said.

Describing large-scale corruption by foreign officials as a threat to the U.S. and the foreign countries involved, he said FinCEN is proposing giving certain foreign law enforcement agencies, as well as state and local agencies in the U.S., the ability to obtain information on bank accounts in anti-money laundering investigations.

The agency is also working with Congress on legislation to prevent the use of shell corporation in money laundering, he said, while citing the need to balance transparency with the need to maintain efficiency and access to financial services.