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US Treasury Unveils 2024 Strategy to Tackle Terrorist Financing Risks, Ukraine Exploited by Illicit Actors

Washington D.C. - December [Insert Date]

The US Department of the Treasury has issued its 2024 National Strategy for Combating Terrorist and Other Illicit Financing, outlining a blueprint for the government’s efforts to disrupt and prevent illicit financial activities.

Addressing Key Risks

The strategy addresses key risks identified in the 2024 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments (National Risk Assessments), highlighting the need to modernize the US anti-money laundering/countering the financing of terrorism (AML/CFT) regime and enhance operational effectiveness in combating illicit actors.

Enhancing Operational Effectiveness

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson emphasized that “we need to continue to close the pathways that illicit actors seek to exploit for their schemes” and noted that the threat posed by illicit financial activity represents a significant concern for national security, economic prosperity, and democratic values.

2024 Strategy Priorities

The 2024 Strategy identifies four priorities and 15 supporting actions to guide US government efforts in combating illicit finance. These include:

  • Enhance the effectiveness of the US AML/CFT framework by closing legal and regulatory gaps.
  • Improve transparency and accountability in the financial system.

Promoting a More Effective AML/CFT Framework

  • Implement a risk-focused approach to supervision and regulation for financial institutions.
  • Increase collaboration between government agencies and international partners.

Enhancing Operational Effectiveness

  • Strengthen law enforcement capabilities to investigate and prosecute illicit finance cases.
  • Develop partnerships with private sector companies to leverage their expertise and resources.

Realizing Benefits of Technological Innovation

  • Support the development of responsible technologies that can help prevent illicit finance.
  • Encourage the use of innovative tools and methods to identify and disrupt illicit finance networks.

Protecting National Security and Economic Prosperity

The 2024 Strategy also highlights recent reforms to close loopholes exploited by illicit actors, including efforts to increase transparency, leverage partnerships, and support responsible technological innovation. Terrorist financing risks are identified as a key concern, with examples cited of Hamas’ financing of terrorist attacks on Israel and Russia’s financing of its invasion of Ukraine.

Conclusion

The 2024 National Strategy for Combating Terrorist and Other Illicit Financing reflects the commitment of the Biden administration to protect the US financial system from these threats by closing illicit finance pathways and strengthening supervision and enforcement mechanisms. The strategy is available in full on the Treasury Department’s website.