The United States Department of the Treasury has published its 2024 national risk assessments, focusing on terrorist financing, proliferation financing, and money laundering. The report underlines the most substantial financial threats currently confronting the United States.
According to a press release by the U.S. Department of the Treasury, these assessments also delve into how significant threats to global peace and security have contributed to shaping the illicit finance risk environment that the United States is grappling with. These global issues include Russia's ongoing war in Ukraine and escalating conflicts in the Middle East. This marks the fourth iteration of the money laundering and terrorist financing risk assessment within a decade. The aim of these publications is to enhance both public and private sectors' understanding of risk mitigation strategies.
The press release reveals that crimes linked to a large portion of money laundering encompass drug trafficking, cybercrime, corruption, and human trafficking. An emerging money laundering risk is associated with opaque real estate transactions and professionals who misuse their positions in business. The use of virtual assets for terrorist financing has also been on an upward trend. The most prevalent financial connections between U.S. citizens and foreign terrorist groups still involve registered money services businesses and direct solicitation.
"Whether it’s terrorism, drug trafficking, Russian aggression, or corruption, illicit finance is the common thread across our nation’s biggest national security threats," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. "Treasury, through our National Risk Assessments, is at the cutting edge of analyzing the global risk environment to protect the U.S. and international financial systems from abuse by illicit actors. We urge both the public and private sectors to engage with these reports, as well as our forthcoming National Strategy for Combatting Terrorist and Other Illicit Finance."
