Treasury Issues National Illicit Finance Strategy, Risk Assessments

To support the ongoing effort to stop money laundering and illicit finance, the Treasury Department today issued its National Illicit Finance Strategy. The strategy describes current U.S. government efforts in this area and discusses potential risks. It also identifies priorities, objectives and potential areas for future improvement. Along with the strategy, Treasury released three risk assessments on money laundering, terrorist financing and an inaugural national proliferation financing risk assessment.

Treasury previously released a threat assessment in 2005, and later in 2015. In comments to the department last year, the American Bankers Association encouraged Treasury to publish an updated threat assessment, and welcomed today’s release. The association noted that receiving this type of guidance from the government can help banks better focus their energy and resources around combating money-laundering and terrorist financing.