WASHINGTON—The U.S. Treasury Department has requested $212 million for its Office of Terrorism and Financial Intelligence in the federal budget for fiscal year 2023 as it looks to upgrade the sanctions process following the agency’s sanctions review last year.
The requested amount for the office that develops and implements U.S. policies for combating terrorist financing and other financial crimes is a 14.5% jump from the requested funding for fiscal year 2022, The Wall Street Journal reported. The office’s budget request increased only 5.8% from fiscal year 2021 to fiscal year 2022 and received $10 million more than it requested for 2022, the report added.
A nine-month Treasury-led audit of U.S. sanctions policy, published in October, said the agency needs to adapt and modernize its underlying operational architecture to meet the emerging challenges that could potentially reduce the efficacy of sanctions, including cybercrimes, technological innovations such as digital currencies and new methods of hiding cross-border transactions, The Journal said.
Other Threats
The budget request also comes after Deputy Treasury Secretary Wally Adeyemo said last fall that the administration’s financial intelligence and sanctions units require significantly more funding and staff to combat national-security threats, including those arising from ransomware and the cryptocurrency markets.
Adeyemo further stated the department was overseeing expansive sanction programs, and needed to implement major new anti-money-laundering laws and protect the U.S. from terrorists, the Journal report continued, and that international criminal groups, state actors and other foes that have become increasingly adept at using the evolving global financial system for their activities.
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