In a series of reports released Tuesday, the Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
The agency issued risk assessments on anti-money laundering (AML); countering the financing of terrorism (CFT); and proliferation financing, which is rogue nations raising and moving revenue and procuring goods for their weapons of mass destruction programs. The reports noted new risks emerging because of “the Covid-19 pandemic, ransomware, domestic violent extremism, corruption; (and) the increased digitization of payments and financial services,” the Treasury said in a press release.
