On June 30, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued the first-ever government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”). Issued after consultation with federal and state law enforcement and national security officials, the Priorities identify the most significant AML/CFT threats currently facing the United States. The Priorities are:

  • Corruption, including bribery and public
    corruption, both in the United States and internationally;
  • Cybercrime, including virtual currency and
    associated money laundering risks, and cybersecurity threats, such as
    ransomware attacks and phishing;
  • Domestic and international terrorist financing;
  • Fraud, such as bank, consumer, health care,
    securities, and tax frauds;
  • Transnational criminal organizations;
  • Drug trafficking organizations;
  • Human trafficking and human smuggling; and
  • Proliferation financing relating to weapons of
    mass destruction and development of state-sponsored weapons systems in
    violation of sanctions  

FinCEN issued the Priorities to
assist covered entities, who are required to maintain anti-money laundering
(“AML”) programs and controls, in their AML/CFT efforts and enable institutions
to prioritize the use of their finite compliance resources.… Read More