The Treasury has outlined its priorities this year to strengthen the fight against illicit finance.
The agency aims to increase transparency, leverage partnerships and support responsible innovation, it said in a Thursday (May 16) press release. Announcing the National Strategy.
According to the release, one of the ministry's priorities this year is to close the legal and regulatory gaps in anti-money laundering in the country and combat financing of terrorism (AML/CFT) frameworks. We aim to do so by operating a beneficiary information registry. Finalize rules covering the residential real estate and investment advisory sectors. Assessing vulnerabilities in other sectors.
A second priority is promoting a more effective and risk-sensitive AML/CFT regulatory and supervisory framework for financial institutions, the release states. The Department will strive to achieve this by providing clear compliance guidance, sharing information, and providing oversight and enforcement resources.
The department also aims to increase the operational efficiency of law enforcement, other U.S. government agencies, and international partnerships to combat illicit finance, according to the release.
The fourth priority, announced in a press release, is to promote “responsible finance” by developing new payment technologies, supporting the use of new mechanisms for compliance, and finding new ways to use automation and innovation to combat illicit finance. The aim is to realize the benefits of technological innovation,'' the release said. .
“At a critical time for our national and economic security, we must continue to cut off the channels that illegal actors seek to exploit for their own agendas,” said Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Security. Information Officer) said in the same paper. release. “We recognize that illicit financial activity is a threat to national security, economic prosperity, and democratic values, and we are committed to addressing both today's challenges and emerging concerns. I'm leaving it there.”
These recommendations aim to address key risks identified by the Treasury Department in February in its 2024 National Money Laundering, Terrorist Financing, and Proliferation Financial Risk Assessment.
In another recent move, the Treasury Department said in April that it wanted further measures to curb terrorist financing.
In testimony released ahead of his appearance before the Senate Banking Committee on April 9, Deputy Secretary of State Wally Adeyemo said that terrorist organizations and state actors are “the ones we use to cut off access to traditional organizations.” “We continue to look for new ways to move resources in light of the actions we are taking.” financial system. “
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