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The U.S. National Strategy for Combating Terrorist and Other Illicit Financing 2020 was prepared by the Department of the Treasury in consultation with the Departments of Justice, State, and Homeland Security, the Office of the Director of National Intelligence, the Office of Budget and Management and Budget, and the staffs of the federal functional regulators.
To protect our economy, financial system, and society from harm caused by criminals, terrorists, weapon of mass destruction (WMD) proliferators and other malign actors, the United States has built a comprehensive AML/CFT framework. It includes a strong legal foundation; robust interagency and intergovernmental coordination and information sharing; active and well-resourced operational, supervisory and enforcement mechanisms; and extensive collaboration between the public and private sectors.
While this framework has made the United States a global leader in combating illicit finance, the United States must continue to stay ahead of emerging illicit finance challenges and position itself to be a model for AML/CFT for years to come. To do this, the U.S. government must holistically approach strengthening the U.S. AML/CFT regime to make it more effective, effi-cient, and responsive to an evolving threat environment.
The U.S. AML/CFT system seeks to deny criminals and malign actors access to the U.S. and international financial systems by detecting, disrupting, and preventing illicit finance activities within and transiting the U.S. financial system. This requires achieving the following objectives:
1) Identify and Prioritize Illicit Finance Risks,
2) Prevent Illicit Finance and Protect the Financial System,
3) Disrupt and Dismantle Illicit Finance Networks.
The 2020 Strategy also identifies key priorities for the U.S. AML/CFT regime and supporting actions to achieve those priorities. These include proposed legislative and regulatory changes to close gaps in our AML/CFT legal framework and coordinated efforts to make the U.S. AML/CFT regime more effective and efficient, including enhancing partnerships between the private and public sector to better detect and prevent illicit finance. Central to this 2020 Strategy and the U.S. AML/CFT framework is the risk-based approach.
The U.S. Department of the Treasury, National Strategy for Combating Terrorist and Other Illicit Financing 2020 (06.02.2020)
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