2024 US National Strategy for Combatting Terrorist and Other Illicit Financing
17/05/2024
The U.S. Department of the Treasury yesterday unveiled the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing.
This comprehensive blueprint outlines the U.S. government's approach to disrupt and prevent illicit financial activities that threaten national security and economic stability.
The 2024 Strategy responds to findings from the latest National Risk Assessments and builds on recent reforms aimed at modernising anti-money laundering and countering financing of terrorism (AML/CFT) frameworks.
It highlights four priority areas including.
- Closing regulatory loopholes,
- Enhancing a risk-focused regulatory framework,
- Boosting operational effectiveness, and
- Embracing technological innovation to counter illicit finance threats.
Key threats include:
- Large-scale fraud,
- Ransomware, and
- Terrorist financing by groups like Hamas and state actors like Russia.
Under Secretary Brian E. Nelson emphasized the importance of closing pathways exploited by illicit actors, stating,
- "We need to continue to close the pathways that illicit actors seek to exploit for their schemes."
The strategy details 15 supporting actions, with significant emphasis on
- Operationalizing beneficial ownership information and
- Developing new technologies to improve compliance and enforcement.
Source
https://home.treasury.gov/system/files/136/2024-Illicit-Finance-Strategy.pdf
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