US Treasury seeks to close money-laundering loopholes
(Corrects to say 'Treasury Department', not 'Treasury Department's Financial Crimes Enforcement Network')
(Reuters) - The U.S. Treasury Department said on Thursday it is looking whether more regulations are needed to prevent money laundering and illicit finance.
Closing legal and regulatory gaps is a top priority, the department said.
WHY IT IS IMPORTANT
Scrutiny of illicit and terrorism financing has mounted in the aftermath of the Oct. 7 Hamas attack on Israel and Russia's invasion into Ukraine.
THE CONTEXT
The agency's financial crimes unit this year has proposed new rules for investment firms and real estate professionals to better monitor potential money laundering. It is part of a broader effort under President Joe Biden to crack down on illicit finance.
KEY QUOTE
"In this critical moment for our national and economic security, we need to continue to close the pathways that illicit actors seek to exploit for their schemes," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.
(This story has been corrected to say 'Treasury Department', not 'Treasury Department's Financial Crimes Enforcement Network,' in paragraph 1)
(Reporting by Chris Prentice and Daphne Psaledakis; Editing by Marguerita Choy)
