'Automation and Innovation' to be Used by Treasury Department to Fight Illicit Finance

The U.S. Treasury Department's 2024 strategy for combating illicit finance emphasizes the use of automation and innovation to close regulatory gaps in the banking system and enhance anti-money laundering and counter-terrorism financing frameworks. The strategy includes 15 actions focusing on updating legal frameworks, especially concerning digital assets and high-risk sectors. It aims to improve national and international efforts to tackle illicit financial activities, leveraging technology to prevent and detect such activities proactively. This approach is expected to bolster economic stability and national security, though it raises concerns about privacy and the financial burden on institutions adapting to new regulations.