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Treasury Department Releases Updated National Risk Assessments on Money Laundering, Terrorist Financing

The U.S. Department of the Treasury has published its 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States.

Evolving Illicit Finance Risk Environment

According to the assessments, the illicit finance risk environment in the U.S. is evolving rapidly due to various factors, including:

  • The ongoing fentanyl crisis
  • Foreign and domestic terrorist attacks
  • Increased potency of ransomware attacks
  • Growth of professional money laundering
  • Continued digitization of payments and financial services

Significant Threats

The reports detail recent significant updates to the U.S. anti-money laundering/counter-financing of terrorism framework and explain changes to the illicit finance risk environment.

Money Laundering

Criminals use both traditional and novel money laundering techniques to move and conceal illicit proceeds and promote criminal activity that harms Americans.

Terrorist Financing

The U.S. continues to face a wide range of terrorist financing threats and actors, both foreign and domestic.

Proliferation Financing

Russia and the Democratic People’s Republic of Korea (DPRK) present heightened risk due to their efforts to illegally acquire U.S.-origin goods with military applications.

Key Findings

  • The illicit finance risk environment is complex and rapidly evolving.
  • There are significant threats to global peace and security that have shaped the illicit finance risk environment in the United States.
  • The Department of the Treasury’s Office of Terrorist Financing and Financial Crimes led the assessment process and coordinated closely with offices and bureaus across the Department, relevant law enforcement and regulatory agencies.

Treasury’s Response

The Department of the Treasury will release the 2024 National Strategy for Combatting Terrorist and Other Illicit Finance, a strategic plan directly informed by the analysis contained in the risk assessments. The strategy will share recommendations for addressing the highlighted issues.

Recommendations

The Department of the Treasury urges both the public and private sectors to engage with these reports and inform their own risk mitigation strategies.

Actions for the Public Sector

  • Engage with the 2024 National Strategy for Combatting Terrorist and Other Illicit Finance
  • Inform risk mitigation strategies

Actions for the Private Sector

  • Engage with the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing
  • Inform risk mitigation strategies