On 20th December, the US Treasury has issued the National Strategy for Combating Terrorist and Other Illicit Financing (National Illicit Finance Strategy) which describes and assesses current US government efforts to combat illicit finance threats and risks and identifies priorities, objectives, and potential areas for future improvement.   It also highlights US interagency and intergovernmental efforts to combat illicit finance domestically and internationally, including enforcement measures that include sanctions, prosecutions, and asset forfeiture, as well as improvements in information sharing mechanisms and updated guidance to aid financial institutions in detecting and combating illicit finance threats.  It addresses the threats and risks to the US financial system that were identified in 3 separate risk assessments –

  • the National Proliferation Financing Risk Assessment – the first such assessment;
  • the National Terrorist Financing Risk Assessment; and
  • the National Money Laundering Risk Assessment.

Together, these assessments help the public and private sectors understand the terrorist financing, proliferation financing, and money laundering methods used in the US, the threat actors behind these methods and vulnerabilities exploited, and the risks that these activities pose to the US financial system and national security.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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