WASHINGTON – As a part of the Biden Administration’s commitment to fight against human trafficking, the U.S. Department of the Treasury announced measures to contribute to the updated National Action Plan (NAP) to Combat Human Trafficking and play a part in countering this grave human rights abuse. The NAP brings a whole-of-government approach to address a range of key topics, including prevention, protection, and prosecution, and also establishes interagency partnerships to support cross cutting initiatives. The plan also draws upon survivor-leader experiences and expert contributions to help prevent human trafficking and better utilize resources to respond to the needs of survivors.
Treasury plays a key role in countering human trafficking by leveraging financial expertise and broad authorities to target trafficking networks through a range of economic tools implemented through the Office of Terrorism and Financial Intelligence. Treasury has previously identified proceeds from human trafficking as a significant threat to the U.S. financial system and has made it a priority to disrupt and dismantle trafficking networks. Looking ahead, the department is leading new initiatives aimed at improving access to the financial system for human trafficking survivors. One such initiative utilizes an innovative risk-based approach to allow survivors without traditional ‘foundational’ identity documents to access the financial system through responsible digital identity verification.
As a broader effort across the U.S. government, private sector partners, and foreign governments, Treasury recently hosted the 3rd Annual Partnership to Combat Human Rights Abuse and Corruption, where hundreds of participants from all sectors came together to discuss and share information related to forced labor in supply chains, human trafficking, and financial transparency. Treasury also works closely with bodies such as the Financial Action Task Force (FATF) and partner countries to strengthen global financial standards to address this threat.
Additionally, on the recommendation of the recent sanctions review, Treasury is expanding efforts to multi-lateralize sanctions to maximize the effect of our financial tools. The department will continue to use all of its tools and authorities to combat these serious abuses.
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