December 20, 2018

US Treasury reports on illicit finance risk

The US Department of the Treasury has issued the National Strategy for Combating Terrorist and Other Illicit Financing, pursuant to Sections 261 and 262 of the Countering America’s Adversaries Through Sanctions Act (CAATSA).  The Strategy highlights intergovernmental efforts to combat illicit finance domestically and internationally, addresses threats and risks to the US financial system, and describes ongoing government counter-illicit finance efforts, which include initiatives by US departments and agencies, and legal and regulatory frameworks.  One such initiative is a working group composed of the Treasury Department’s Office of Terrorism and Financial Intelligence and the federal depository institution regulators, which is working to modernize the regulatory regime, and encouraging financial institutions to use their resources innovatively to address areas of high risk for illicit financial activities.  The Strategy is based on three risk assessment reports issued today.

US Treasury press release | National Strategy for Combating Terrorist and Other Illicit Financing 2018 | National Money Laundering Risk Assessment 2018 | National Terrorist Financing Risk Assessment 2018 | National Proliferation Financing Risk Assessment 2018