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Treasury Department Issues Updated National Risk Assessments on Illicit Finance
Washington D.C. - Significant Threats to the United States
The U.S. Department of the Treasury has released its 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. The reports highlight significant illicit finance threats, vulnerabilities, and risks facing the United States.
Key Findings from the Reports
- Money Laundering: Money laundering remains a major concern in the country, with criminals using traditional and novel techniques to move and conceal illicit proceeds.
- Crimes generating laundered funds include:
- Fraud
- Drug trafficking
- Cybercrime
- Human trafficking
- Corruption
- Crimes generating laundered funds include:
- Terrorist Financing: Terrorist financing continues to pose a threat, with individuals and groups soliciting funds for or attempting to send money to foreign terrorist organizations using various methods.
- Methods include:
- Cash
- Registered money services businesses
- Virtual assets
- Methods include:
- Proliferation Financing: Proliferation financing risks related to Russia’s efforts to acquire U.S.-origin goods with military applications, as well as networks linked to the Democratic People’s Republic of Korea (DPRK) exploiting the digital economy.
Ongoing Threats
- Russia’s War in Ukraine: Networks linked to Russia are increasingly exploiting the digital economy, including through hacking of virtual asset service providers and overseas deployment of fraudulent information technology workers.
- Domestic Violent Extremist Movements: Domestic violent extremist movements have proliferated in recent years, posing an elevated threat to the United States.
Response from Treasury
“Whether it’s terrorism, drug trafficking, Russian aggression, or corruption, illicit finance is the common thread across our nation’s biggest national security threats,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Treasury, through our National Risk Assessments, is at the cutting edge of analyzing the global risk environment to protect the U.S. and international financial systems from abuse by illicit actors.”
Assessment Process
The Treasury Department’s Office of Terrorist Financing and Financial Crimes led the assessment process, coordinating closely with offices and bureaus across the department, relevant law enforcement and regulatory agencies, staff of federal functional regulators, and across the intelligence and diplomatic communities.