The Treasury Department recently announced the publication of three reports on efforts to combat financial crimes: the National Money Laundering Risk Assessment, the National Terrorist Financing Risk Assessment and the National Proliferation Financing Risk Assessment. It also released a report to Congress on technologies that financial institutions use to counter illicit finance involving digital assets.
The risk assessments are the fifth iteration for money laundering and terrorist financing since 2015 and the fourth iteration for proliferation financing since 2018, according to the department. They outline existing and emerging illicit finance threats facing the U.S. related to illicit fentanyl, transnational criminal organizations, money laundering networks, and foreign adversary malign activities, among others.
The report on digital assets was required under the Genius Act, which created a regulatory framework for payment stablecoins. The American Bankers Association submitted comments as the Treasury Department was drafting the report.
