The Financial Action Task Force (FATF) Plenary held in Brisbane, Australia on June 26 adopted a number of reports including a revised best practices on combating the abuse of non-profit organization, and guidance for a risk-based approach to virtual currencies.
In a comment letter filed this week, ABA and the Clearing House expressed their support to the Financial Crimes Enforcement Network’s goal on protecting the U.S. financial system from money laundering, terrorist financing and financial crimes, but offered suggestions on FinCEN’s proposal to impose special measures against Banca Privada d’Andorra.
The U.S. Department of the Treasury’s Office of Foreign Assets Control recently released its 23rd Terrorist Assets Report.
The reports banks file under the Bank Secrecy Act are critical to cutting off the flow of funds to terrorists, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery said yesterday — including giving U.S. and foreign law enforcement and national security officials tools to disrupt the Islamic State terrorist group.
The House Financial Services Committee’s Task Force to Investigate Terrorism Financing will hold a hearing on April 22 on global terrorism and terrorist financing.
The White House said yesterday that President Obama would nominate Adam Szubin to be Treasury under secretary for terrorism and financial intelligence.