Department of the Treasury Outlines Priorities to Combat Illicit Finance

The Department of the Treasury is ramping up its efforts to combat illicit finance this year, with a focus on increasing transparency, leveraging partnerships, and supporting responsible technological innovation. In a press release, the agency outlined its priorities for the year, including closing legal and regulatory gaps in the country’s anti-money laundering and combating the financing of terrorism framework, promoting a more effective regulatory and supervisory framework for financial institutions, enhancing law enforcement and international partnerships, and realizing the benefits of responsible technological innovation.

According to Under Secretary of the Treasury for terrorism and financial intelligence, Brian E. Nelson, these efforts are crucial for national security, economic prosperity, and democratic values. The Department’s recommendations are based on key risks identified in its recent risk assessments, and it is also seeking more tools to curb terror financing.

With terrorist groups and state actors constantly seeking new ways to move their resources, the Treasury Department is committed to staying ahead of the curve and closing the pathways that illicit actors exploit for their schemes. Stay tuned for more updates on the Department of the Treasury’s efforts to combat illicit finance.