U.S. Treasury Department announces federal strategy to combat illicit finance

On Thursday, the U.S. Department of the Treasury revealed its latest strategy for combating illicit financial activities.

The 2024 National Strategy for Combatting Terrorist and Other Illicit Financing provides the federal blueprint to disrupt and prevent illicit financial activities, as well as assessing risks and building on efforts to modernize anti-money laundering, enhance operational effectiveness in combating illicit actors and embrace technological innovation.

“In this critical moment for our national and economic security, we need to continue to close the pathways that illicit actors seek to exploit for their schemes,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said. “We recognize the threat illicit financial activity represents to our national security, economic prosperity, and our democratic values, and are focused on addressing both the challenges of today and emerging concerns.”

The 2024 Strategy addresses key illicit finance threats related to large-scale fraud schemes, officials said, as well as threats related to ransomware attack, foreign and domestic terrorist attacks, corruption and illicit exploitation of technological advances I payments, financial product and services.

The strategy identifies four priorities to guide U.S. efforts – closing legal and regulation gaps that illicit actors can exploit; promoting effective and risk-focused regulatory and supervisory frameworks for financial institutions; enhancing law enforcement’s operational effectiveness and realizing the benefits of technological innovate in the United States.

Officials said the strategy will support both public and private sectors in effectively focusing resources against significant illicit finance risks to the U.S. financial system.

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