The US Departments of Treasury, Justice, and Homeland Security last Thursday joined together in issuing the 2007 National Money Laundering Strategy, a report detailing continued efforts to dismantle money laundering and terrorist financing networks.
"The 2007 National Money Laundering Strategy is a direct result of close cooperation by the Departments of Justice, Treasury and Homeland Security, along with our foreign counterparts, and signifies our collective commitment to fight money laundering," announced Assistant Attorney General Alice S. Fisher, of the Justice Department's Criminal Division.
She continued:
"Implementation of this strategy will greatly assist in efforts to seize and forfeit millions in illegal proceeds that flow through the international financial system."
The 2007 Strategy addresses the priority threats and vulnerabilities identified by the Money Laundering Threat Assessment released in 2006.
The Assessment – the first government-wide analysis of its kind – brought together the expertise of regulatory, law enforcement, and investigative officials from across the government, culminating in a comprehensive analysis of specific money laundering methods, patterns of abuse, geographical concentrations, and the associated legal and regulatory regimes.
The 2007 Strategy builds on initiatives and programs pioneered in preceding National Money Laundering Strategies, and places an emphasis on bolstering the efficiency of the anti-money laundering processes currently in place.
"In every type of case, from human smuggling and drug trafficking to intellectual property rights violations and illegal alien employment schemes, the need to hide and move ill-gotten gains is a constant. ICE's anti-money laundering initiatives are at the forefront of attacking existing and emerging money laundering threats" observed Julie L. Myers, Assistant Secretary for Immigration and Customs Enforcement at the Department of Homeland Security.
She added: "ICE's trade transparency unit, bulk cash smuggling initiative and programs targeting illegal money service businesses and stored value card schemes are making it less profitable to commit these crimes."
Additionally, the 2007 Strategy focuses on "leveling the playing field internationally", according to the US Treasury, by "helping to ensure U.S. financial institutions are not disadvantaged through the implementation of controls and standards to combat money laundering and terrorist financing".
The Department concluded:
"Indeed, money laundering is a global threat the United States is working to address through international bodies, including the Financial Action Task Force (FATF), and through direct private sector outreach in regions around the world."
The full text of the 2007 National Money Laundering Strategy can be found in the Tax News Resources section.
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