US Treasury Official Calls for Enhanced Cooperation on Terrorist Financing Laws in Puerto Rico
US Department of the Treasury Official Urges Closer Collaboration with Financial Institutions
A top official from the US Department of the Treasury, Brian Nelson, Under Secretary for Terrorism and Financial Intelligence (TFI), has called for enhanced cooperation and collaboration with financial institutions in Puerto Rico to combat terrorist financing and other illicit activities. During a recent meeting with government counterparts and industry representatives in San Juan, Nelson emphasized the importance of implementing strong anti-money laundering and combating the financing of terrorism (AML/CFT) standards to regulate the financial sector.
Priority Areas of Focus
The Treasury Department has identified several priority areas for focus, including:
- Countering narcotics trafficking from Puerto Rico to the mainland United States
- Combatting fraud and public corruption
- Enhancing transparency in the financial sector
Nelson also highlighted the need to address growing trends of cash transactions for real estate purchases in Puerto Rico and limited transparency in the island’s cooperitavas sector.
Collaboration with Financial Institutions
The official welcomed insights from commercial banks on how they identify suspicious transactions associated with illicit activities and how they work with international banking entities and financial institutions to mitigate these threats. He also called for enhanced partnership between law enforcement agencies, national security authorities, and financial institution partners to combat financial crimes.
Efforts to Enhance Transparency
The Treasury Department has taken steps to enhance transparency in the US financial sector, including:
- Implementation of the Corporate Transparency Act
- Launch of FinCEN’s beneficial ownership registry
However, Nelson noted that more needs to be done to bolster Puerto Rico’s financial sector from abuse by illicit actors.
New Guidance on Terrorist Financing Laws
The Treasury Department is set to release new guidance on terrorist financing laws in Puerto Rico, aimed at strengthening AML/CFT standards and combating money laundering and terrorist financing activities. Nelson expressed hope for a frank and open discussion with industry representatives on how to collectively mitigate these threats and enhance cooperation to combat financial crimes.
Conclusion
The meeting underscores the importance of enhanced cooperation between the US Treasury Department, financial institutions, and government agencies in Puerto Rico to combat terrorist financing and other illicit activities. By working together, we can strengthen the financial sector and mitigate the risks associated with money laundering and terrorist financing.