US Government Issues First-Ever Nationwide Anti-Money Laundering and Counter-Terrorism Priorities
Washington D.C. - Significant Move to Combat Financial Crimes
The US Financial Crimes Enforcement Network (FinCEN) has released its first-ever nationwide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT). This significant move aims to combat financial crimes, following extensive consultation with various government agencies, regulators, law enforcement, and national security bodies.
Priorities Identify Most Pressing AML/CFT Threats Facing the US
The released priorities identify the most pressing AML/CFT threats facing the US, including:
- Corruption
- Cybercrime
- Domestic and international terrorist financing
- Fraud
- Transnational organized crime
- Human trafficking and smuggling
- Proliferation financing
Guidance Statements Issued to Help Institutions Understand Priorities
FinCEN has also issued two guidance statements to help institutions understand how to approach these priorities. The guidance aims to improve the efficiency and effectiveness of the nation’s AML/CFT regime.
Acting Director Comments on Priorities
“This is a major milestone in our efforts to improve the efficiency and effectiveness of the nation’s AML/CFT regime,” said Acting Director Michael Mosier. “The priorities reflect the US government’s view of the threat landscape, highlighting both longstanding threats like corruption and fraud, as well as rapidly evolving threats such as domestic terrorism and ransomware.”
Priorities Part of Anti-Money Laundering Act of 2020
The priorities are part of the Anti-Money Laundering Act of 2020, which requires FinCEN to update them every four years. Covered institutions will not be required to make immediate changes to their risk-based AML programs in response to these priorities.
Publication Seen as Significant Step Forward
The publication of these priorities is seen as a significant step forward in fostering greater public-private partnerships and improving the effectiveness of the nation’s AML/CFT regime.
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