U.S. Rep. Steve PearceU.S. CONGRESSIONAL News:
WASHINGTON, D.C. ― U.S. Rep. Steve Pearce Nov. 8 led the Subcommittee on Terrorism and Illicit Finance entitled, “Financial Intelligence and Enforcement: Treasury’s Role in Safeguarding the American Financial System.”
The U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence (TFI) plays a vital role in combatting terrorist financing, money laundering, financial crimes, and other threats to our national security.
“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. 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. Moving forward, modernizing the current system to reflect the capabilities of Wednesday’s institutions and ensure law enforcement receives a complete and detailed picture of criminal activity is paramount.
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. I thank the Treasury’s Office of TFI Under Secretary Sigal Mandelker for attending today’s hearing and working with Congress to improve efforts to combat terrorist financing,” Rep. Pearce said.
Background
In 2004, the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence (TFI) was established to marshal the Treasury’s policy, enforcement, regulatory, and intelligence functions to safeguard the financial system from illicit use that goes against national security interests.
TFI is comprised of the Office of Terrorist Financing and Financial Crime (TFFC), the Office of Intelligence and Analysis (OIA), the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), and the Treasury Executive Office for Asset Forfeiture (TEOAF).
Click here to watch the full Subcommittee hearing.
