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Treasury Steps Up Efforts to Combat Corruption and Illicit Finance

Washington D.C., December 2023 - The U.S. Department of the Treasury has released a fact sheet outlining its efforts to prevent and disrupt illicit finance and national security threats posed by corruption since the issuance of the U.S. strategy on countering corruption in 2021.

Preventing Illicit Finance

The Treasury has taken several actions across three main categories: preventing the laundering of corrupt proceeds, holding corrupt actors accountable, and strengthening global anti-corruption efforts.

  • Preventing Laundering of Corrupt Proceeds: The Treasury is implementing the Corporate Transparency Act (CTA), which requires certain foreign and domestic companies operating in the U.S. to report their beneficial ownership information starting January 1, 2024.
  • Strengthening Customer Due Diligence Requirements: The agency plans to issue forthcoming rulemakings on customer due diligence requirements and access to beneficial ownership information.

Holding Corrupt Actors Accountable

The Treasury has taken action to prevent the misuse of anonymous, all-cash purchases of residential real estate for money laundering purposes by using a Geographic Targeting Order (GTO) program. Additionally:

  • Expanding AML/CFT Requirements: The Treasury expects to expand Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements to certain investment advisers next year.
  • Sanctions and Prevention of Sanctions Evasion: The agency has sanctioned more than 300 individuals and entities across thirty countries for corruption-related issues since the release of the U.S. Strategy on Countering Corruption, and is prioritizing prevention of sanctions evasion through the designation of “financial facilitators and private enablers of public corruption” in 2024.

Strengthening Global Anti-Corruption Efforts

The Treasury is strengthening global anti-corruption efforts by:

  • Collaborating with International Standards Setters: The agency is working with international standards setters such as the Financial Action Task Force (FATF) to revise standards on transparency and beneficial ownership of legal persons and legal arrangements, as well as asset recovery.
  • Helping Foreign Countries Identify Deficiencies in AML/CFT Regimes: The Treasury is focusing on helping foreign countries identify and address deficiencies in their AML/CFT regimes and encouraging cooperation on anti-corruption investigations and enforcement actions.

These efforts demonstrate the Treasury’s commitment to combating corruption and illicit finance, and its ongoing work with international partners to prevent and disrupt these threats to national security.