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US Treasury says Russia's war in Ukraine supports need to combat illicit financial threats

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Russia's war in Ukraine is one of the biggest considerations in the U.S. Treasury's latest strategy document outlining how the agency plans to combat significant illicit finance threats to the U.S. financial system.

The agency every two years releases a report with recommendations on how to close gaps that could facilitate terrorist and illicit finance. The report was released Friday and says that Russia's invasion of Ukraine "demonstrates that those seeking to undermine global security and stability are exploiting these same gaps."

“Illicit finance is a major national security threat and nowhere is that more apparent than in Russia’s war against Ukraine, supported by decades of corruption by Russian elites,” said Elizabeth Rosenberg, Treasury’s assistant secretary for terrorist financing.

“We need to close loopholes, work efficiently with international partners, and leverage new technologies to tackle the risks posed by corruption, an increase in domestic violent extremism and the abuse of virtual assets,” Rosenberg said.