Treasury Undersecretary Urges Cooperation In Combating Terrorist Financing

U.S. Treasury Undersecretary for Terrorism and Financial Intelligence ("TFI") Sigal Mandelker described strategies and priorities in combating terrorist financing, money laundering, and other threats to the U.S. and its allies.

In testimony before the House Financial Services Subcommittee on Terrorism and Illicit Finance, Ms. Mandelker explained that the TFI consists of four components: the Financial Crimes Enforcement Network ("FinCEN"), the Office of Foreign Assets Control ("OFAC"), the Office of Intelligence and Analysis ("OIA"), and the Office of Terrorist Financing and Financial Crimes ("TFFC"). Through these components, Ms. Mandelker said the TFI utilizes sanctions authorities in order to "ramp up" pressure on terrorist groups and other bad actors. She highlighted the establishment of the Terrorist Financing Targeting Center as an example of a multinational effort to combat terrorist groups. In addition, she represented that virtual currencies and