U.S. Department of the Treasury: Cracking Down on Money Laundering

A picture of the U.S. Treasury building with the caption, “Cracking down on financial crime: U.S. Department of the Treasury combats money laundering at home and abroad”

The U.S. Department of the Treasury is dedicated to preventing money laundering through a series of legal and policy initiatives. With its extensive resources and partnerships, the Office of Terrorism and Financial Intelligence (TFI) plays a crucial role in identifying and addressing money laundering vulnerabilities and networks.

2022 National Illicit Finance Strategy

In 2022, the Treasury released its National Illicit Finance Strategy[], aimed at disrupting illicit financial activity and ensuring national and international security. This comprehensive strategy includes:

Combating illicit finance from specific countries, such as Russia
Implementing the National Defense Authorization Act for FY 2021
Building upon successful strategies from previous years

Previous Strategic Milestones

Some significant milestones from previous years include:

2020 National Illicit Finance Strategy: Outlined a risk-based approach for identifying and addressing illicit financial threats.
National Risk Assessments: Revealed the prevalence and impact of money laundering, terrorist financing, and proliferation financing in the United States.
2018 National Strategy for Combating Terrorist and Other Illicit Financing: Enhanced financial intelligence, improved regulatory frameworks, and fostered international cooperation.

Guidance Documents and Best Practices

The Treasury and TFI have issued numerous guidance documents to help financial institutions and other stakeholders identify and prevent financial crimes. Topics covered include:

Money laundering through the football sector
Vulnerabilities of casinos and gaming sector
Risk-based approaches for various sectors: casinos, legal professionals, accountants, and trade-based money laundering

Commitment to Safeguarding the Financial Systems

By continuously updating its strategies and addressing the most pressing financial risks, the U.S. Department of the Treasury demonstrates its commitment to safeguarding the U.S. and global financial systems from the detrimental effects of money laundering, terrorist financing, and other illicit activities.