Financial Crime World

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Treasury Department Releases 2022 National Risk Assessments to Combat Illicit Finance Threats

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Washington D.C. - The U.S. Department of the Treasury has issued its latest National Risk Assessments (NRAs) on Money Laundering, Terrorist Financing, and Proliferation Financing, highlighting the most significant illicit finance threats facing the United States.

Background

The NRAs are released every three years, taking into account changes to the global financial landscape since 2015. These changes include:

  • The COVID-19 pandemic
  • Ransomware attacks
  • Domestic violent extremism
  • Corruption
  • Increased digitization of payments

These assessments provide a comprehensive understanding of the current illicit finance environment and inform risk mitigation strategies for both public and private sectors.

Key Findings

Money Laundering Risk Assessment (NMLRA)

The report highlights several key issues:

  • Misuse of legal entities
  • Lack of transparency in certain real estate transactions
  • Complicit merchants and professionals
  • Weaknesses in compliance or supervision at some regulated U.S. financial institutions

Terrorist Financing Risk Assessment (NTFRA)

This assessment analyzes for the first time the funding methods that support domestic violent extremists, which include:

  • Solicitations to supporters
  • Commercial ventures
  • Criminal activity

Proliferation Financing Risk Assessment (NPFRA)

The report identifies several countries as posing significant proliferation finance threats:

  • Democratic People’s Republic of Korea
  • Iran
  • China
  • Russia

Action Plan

The Treasury Department will release its 2022 National Strategy for Combatting Terrorist and Other Illicit Finance in the coming weeks, which will outline recommendations for addressing the highlighted issues. The strategy is informed by the analysis contained in the risk assessments and incorporates feedback from stakeholders.

Resources

The NRAs are available on the Treasury Department’s website, along with additional resources and information on combating illicit finance threats.