“TFI, and the bureaus and agencies that comprise it play a vital role in exposing the movement of illicit finance within our nation’s financial system,” Rep. Steve Pearce (R-NM), subcommittee chairman, said. “The threat of terrorism is ever-evolving and TFI must be able to adapt to the fluid environment of illicit finance. As Congress examines the issues surrounding the detection and disruption of bad actors in our financial system, Treasury’s collection and analysis of financial intelligence is pivotal to successfully interrupting terrorist plots and criminal schemes.”
Officials said one of the session’s key takeaways is better information sharing among government agencies and between financial institutions is necessary to root out existing and discover new forms of illicit finance.
“TFI and Congress need to continually evaluate and improve our nation’s ability to detect and intercept the financial resources of terrorists and to prevent criminals from exploiting our financial system for personal gain,” Pearce said. “I thank the Treasury’s Office of TFI Under Secretary Sigal Mandelker for attending the hearing and working with Congress to improve efforts to combat terrorist financing.”