US Treasury Department cautions of increased threats from Russia, North Korea
(MENAFN) In its 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing, the US Treasury Department issued a cautionary advisory on Wednesday regarding the increased threats emanating from Russia and North Korea.
The assessment highlighted that both countries now pose a greater risk compared to the evaluation conducted in 2022.
"To support its unlawful war in Ukraine, Russia has expanded efforts to illegally acquire U.S.-origin goods with military applications using a variety of obfuscation techniques, such as the use of front companies and transshipment points around the world," it stated.
"Networks linked to (North Korea) increasingly exploit the digital economy, including through hacking of virtual asset service providers and the overseas deployment of fraudulent information technology workers," it further mentioned.
The report updates the US anti-money laundering and counter-terrorism financing framework. It covers the fentanyl crisis, terrorist attacks, and related financing issues.
It also addresses the rising threat of ransomware attacks, professional money laundering, and challenges posed by digital payments and financial services.
Overall, it emphasizes the need for ongoing vigilance and collaboration to combat financial crimes and protect the integrity of the financial system.
Brian E. Nelson, the Treasury undersecretary for terrorism and financial intelligence, encouraged both public and private sectors to actively utilize and engage with the reports, and further mentioned: "Treasury, through our National Risk Assessments, is at the cutting edge of analyzing the global risk environment to protect the U.S. and international financial systems from abuse by illicit actors."
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