US Treasury’s financial crimes unit seeks to close money-laundering loopholes

By Thomson Reuters May 16, 2024 | 11:05 AM

(Reuters) – The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) 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, FinCEN said.


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.


FinCEN 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.


“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.

(Reporting by Chris Prentice and Daphne Psaledakis; Editing by Marguerita Choy)