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