Combating the pernicious impact of illicit finance upon our financial system, economy, and society is integral to strengthening U.S. national security and prosperity. While there has been substantial progress in the United States and globally in addressing this challenge, the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) regime must adapt to an evolving threat environment, along with structural and technological changes in financial services and markets, for continued success in this critical fight.

As detailed in the priorities and supporting actions in this Strategy, we will strengthen our laws, regulations, processes, technologies, and people so that the U.S. AML/CFT regime remains a model of effectiveness and innovation. First, we will progress on closing legal and regulatory gaps that allow criminals and other illicit actors to move funds and purchase U.S. assets anonymously. This includes not only completing implementation of the beneficial ownership information (BOI) reporting and collection regime envisioned by the Corporate Transparency Act (CTA), but also addressing the misuse of real estate, along with the uneven application of AML/CFT obligations for certain types of financial entities, products, and services, to close off opportunities for regulatory arbitrage. Second, our AML/CFT regulatory and supervisory process for financial institutions will continue its modernization to become more efficient and effective and to ensure that supervision for certain non-bank financial institutions is adequately resourced.

Third, we will strengthen our operational framework for disrupting illicit finance activity and denying criminals and other national security threats access to the United States and the U.S. financial system. This requires enhancing coordination and information sharing with the private sector, as well as making sure our law enforcement and other authorities have the right tools, technology, and support to combat financial crime. Fourth, we must build out a regulatory framework that allows our financial system and markets to capture the benefits of technological innovations while addressing the potential for misuse.

Doing so will continue to make the United States attractive to licit and economically beneficial investment while keeping out illicit proceeds and other funds linked to continuing economic inequality and other social ills.

National strategy for combating terrorist and other illicit financing - U.S. Department of the Treasury, May 2022 DOWNLOAD

post

page

attachment

revision

nav_menu_item

custom_css

customize_changeset

oembed_cache

user_request

wp_block

wp_template

wp_template_part

wp_global_styles

wp_navigation

wp_font_family

wp_font_face

acf-taxonomy

acf-post-type

acf-field-group

acf-field

ai1ec_event

exactmetrics_note

Shady business: Uncovering the business model of labour exploitation
Guidance

Edited by Anniina Jokinen and Natalia Ollus. Labour exploitation and trafficking can be seen as direct consequences of global inequality. Poverty, a lack of social or economic opportunities, disparities in income and the standard of living, oppr...Read More

Amplifying the “S” in ESG: Investor Myth Buster
Guidance

In 2021, investors are under renewed pressure to consider the “S” (social) performance component in their investments. Yet in the world of Environmental, Social and Governance (ESG) investing, the integration of social performance assessment has...Read More

Review of law, policy and practice of recruitment of migrant workers in Pakistan
Guidance

This review provides an overview of legislative and policy frameworks concerning the recruitment of migrant workers in Pakistan. The review identifies gaps in relation to the ILO General Principles and Operational Guidelines for Fair Recruitment, an...Read More

Voices of the Invisible Citizens: A Rapid Assessment of the Impact of COVID-19 Lockdown on Internal Migrant Workers
COVID-19 resourcesGuidance

The 21-day lockdown has inadvertently exposed the extreme vulnerability of migrant workers in India. The construction sector contributes to around 9% of the country's GDP and employs the highest number of migrant workers across India with 55 million...Read More