Reports Identify Key Illicit Finance Concerns to the United States; Enable the Public and Private Sectors to More Effectively Manage and Combat Illicit Finance Risks
WASHINGTON – The U.S. Department of the Treasury today issued the 2022 National Risk Assessments (NRAs) on Money Laundering (NMLRA), Terrorist Financing (NTFRA) and Proliferation Financing (NPFRA). These documents highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The United States is vulnerable to all three forms of illicit finance because of the size and sophistication of the U.S. financial system and centrality of the U.S. dollar in the payment infrastructure of global trade.
These NRAs are the third iteration of the NMLRA and NTFRA since 2015 and second for NPFRA since 2018. They take into account changes to the illicit finance risk environment resulting from the COVID-19 pandemic, ransomware, domestic violent extremism, corruption; the increased digitization of payments and financial services; and the enactment of significant new requirements to the U.S. anti-money laundering/countering the financing of terrorism (AML/CFT) framework. The NRAs are an important resource that the public and private sectors can use to understand the current illicit finance environment and inform their own risk mitigation strategies.
“The National Risk Assessments underscore the U.S. government’s commitment to protecting our economy and financial system from exploitation by a variety of criminal actors and national security threats.” said Brian E. Nelson, Under Secretary for Terrorism and Financial Intelligence. “By better understanding the current risk environment, we can more effectively guard the integrity of the U.S. financial system.”
Among the findings of the NRAs:
Treasury’s Office of Terrorist Financing and Financial Crimes led the assessment process and coordinated closely with offices and bureaus in the Treasury Department, relevant law enforcement and regulatory agencies, staffs of the Federal functional regulators, and across the intelligence and diplomatic communities.
In the coming weeks, Treasury will release the 2022 National Strategy for Combatting Terrorist and Other Illicit Finance, a plan directly informed by the analysis contained in the risk assessments. In the strategy, Treasury will share recommendations for addressing the highlighted issues. Ahead of its release, Treasury is incorporating feedback on these and prior risk assessments from stakeholders.
Read more:
The 2022 National Money Laundering Risk Assessment.
The 2022 National Terrorist Financing Risk Assessment.
The 2022 National Proliferation Financing Risk Assessment.
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