06 February 2006
Fighting War on Terror a Priority for U.S. Treasury Department
Terrorism and Financial Intelligence principal office for agency's efforts
Washington -- Fighting the financial war on terror is a top priority of the proposed federal budget for fiscal year 2007, according to the Office of Management and Budget (OMB).
President Bush's budget request places a priority on funding the Treasury Department's efforts to detect and disrupt terrorist financing, the proliferation of weapons of mass destruction (WMD), narcotrafficking, money laundering, and other financial crimes, the OMB says on its Web site.
Through the Office of Terrorism and Financial Intelligence, Treasury "gathers, analyzes, and produces financial intelligence about these threats and wields its economic authorities and influence to undermine these threats at home and abroad."
OFFICE OF FOREIGN ASSETS CONTROL
The Office of Foreign Assets Control handles and enforces economic and trade against targeted foreign countries, terrorists, international narcotics traffickers, and proliferators of WMD sanctions based on U.S. foreign policy and national security goals, according to OMB.
Since 2001, the United States has designated 428 terrorist-related individuals and entities. In addition, since June 2005, OFAC has prepared evidentiary packages related to the designations of 18 WMD-related entities worldwide, OMB says.
The fiscal year 2007 budget proposal would provide additional resources for OFAC to monitor and update existing designations and track the development of new support structures and funding sources, OMB says.
FINANCIAL CRIMES ENFORCEMENT NETWORK
The Financial Crimes Enforcement Network (FinCEN) "helps to safeguard the United States' financial system from the abuses of financial crime, including terrorist financing, money laundering, and other illicit activity," according to OMB.
Its primary tool is the Bank Secrecy Act, which requires financial institutions to report on transactions that may indicate financial crimes. FinCEN also supports law enforcement, intelligence, and regulatory agencies through sharing and analysis of financial intelligence, and building global cooperation with financial intelligence units in other countries, says OMB.
OFFICE OF INTELLIGENCE AND ANALYSIS
The Office of Intelligence and Analysis (OIA) was created "to focus expert analytical resources on the financial and other support networks of terrorists, WMD proliferators, and other key national security threats," OMB says.
Over the past year, the office has become more important in Treasury's efforts to combat national security threats in Iran, Syria, and North Korea. Its top strategic priority is, OMB says, "to provide policymakers with relevant intelligence and expert analysis to support policy formulation and carry out Treasury's role in the War on Terror."
The 2007 budget request would provide funding to OIA to increase its analytical capacity and for critical infrastructure improvements, says OMB.
OFFICE OF TERRORIST FINANCING AND FINANCIAL CRIME
The Office of Terrorist Financing and Financial Crime (TFFC) develops initiatives to fight counterterrorism financing and money laundering at home and abroad, according to OMB. The office, along with interagency counterparts, has been "a driving force behind the worldwide propagation of strong anti-money laundering standards via the Financial Action Task Force (FATF)," says OMB.
More than 150 nations have now committed to adopting FATF's standards and to being evaluated against them. The FY 2007 budget continues support for TFFC's efforts to engage foreign countries and international organizations to identify and target entities that fund terrorist and other criminal activity, OMB says.
OMB adds that the Office of Terrorism and Financial Intelligence also works with Treasury's Office of International Affairs to direct overseas specialists in financial systems in countries such as Iraq, Afghanistan, and India. In addition, TFI provides policy guidance for the Internal Revenue Service's (IRS') Criminal Investigation staff.
The FY 2007 budget request would continue to support these activities, OMB says.
Additional information concerning the FY 2007 budget request for terrorist financing is available on the OMB Web site.
(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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