2024 National Strategy for Combating Terrorist and Other Illicit Financing

Introduction

The 2024 National Strategy for Combating Terrorist and Other Illicit Financing outlines four key priorities and supporting actions to strengthen the U.S. Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime.

Priority I: Assess and Address Legal and Regulatory Vulnerabilities in the U.S. AML/CFT Regime

Implement Key Reforms

• Corporate Transparency Act: Implement the Corporate Transparency Act, provide authorized access to beneficial ownership information, protect data, and promote compliance.
• Real Estate Transactions: Bring greater transparency to real estate transactions.
• Sector Assessments: Assess the need for additional action on sectors not subject to comprehensive AML/CFT measures.
• Virtual Asset Activities: Consider updates to regulatory requirements and supervisory frameworks for virtual asset activities.

Priority II: Promote a Risk-Focused and Effective AML/CFT Regulatory Framework for Financial Institutions

Strengthen Supervision and Enforcement

• Recordkeeping and Reporting Requirements: Assess potential needs to revise recordkeeping and reporting requirements and thresholds.
• Risk-Focused Supervision: Enhance risk-focused supervision and enforcement.
• Non-Bank Financial Institutions: Appropriately resource AML/CFT supervision and enforcement for certain non-bank financial institutions.

Priority III: Enhance Operational Effectiveness in Combating Illicit Finance

Disrupt Illicit Finance Activity

• Regular Updates and Communications: Regularly update and communicate illicit finance risks and national AML/CFT priorities.
• Targeted Measures: Prioritize targeted measures and interagency and multilateral coordination to disrupt illicit finance activity.
• Public-Private Information Sharing: Expand and enhance public-private information sharing.
• Global AML/CFT Standards: Strengthen implementation of global AML/CFT standards.
• De-Risking and Financial Inclusion: Implement Treasury’s strategy to combat de-risking and improve financial inclusion.

Priority IV: Support Responsible Technological Innovation and Harness Technology to Mitigate Illicit Finance Risks

Leverage Technology to Combat Illicit Finance

• U.S. Leadership in Financial Technology: Support U.S. leadership in financial and payments technology.
• Private Sector Use of Technology: Encourage private sector use of technology to improve AML/CFT programs and compliance.
• Artificial Intelligence and Data Analytics: Continue to enhance the use of AI, data analytics, and additional technological innovations in government efforts to combat illicit finance.

Conclusion

The 2024 Strategy aims to strengthen the U.S. AML/CFT regime by addressing vulnerabilities, promoting a risk-focused regulatory framework, enhancing operational effectiveness, and supporting responsible technological innovation.