The Treasury publishes the 2022 plan to combat the financing of terrorism

Today, the Treasury Department released its 2022 Strategy for Combating Terrorist Financing and Other Illicit Financing.

Recent risk assessments have highlighted the threats posed by the abuse of legal entities, the complicity of professionals who abuse their positions or activities, the financing of small sums of national networks of violent extremism, the effective use of front and shell companies in proliferation financing and exploitation of the digital economy. To combat these issues, the Treasury strategy identifies four priorities to address the most significant illicit financial threats to the US financial system.

The recommendations are: to close legal and regulatory loopholes in the US anti-money laundering framework that are used to anonymously gain access to the US financial system through shell companies and all-cash real estate purchases; make the U.S. anti-money laundering and anti-terrorist financing regulatory framework more effective for financial institutions by providing clear compliance guidelines, sharing information appropriately, and fully funding oversight and application ; improve the operational effectiveness of law enforcement, other U.S. government agencies, and international partnerships; and better enable technological innovation to stay ahead of new avenues of abuse through virtual assets and other new financial products, services and activities.

“We need to close the gaps, work effectively with international partners and leverage new technologies to combat the risks posed by corruption, an increase in domestic violent extremism and the abuse of virtual assets,” said Elizabeth. Rosenberg, assistant secretary of the Treasury for terrorism. financing and financial crimes.