WASHINGTON — Today, the U.S. Department of the Treasury issued the 2023 De-risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020. The first of its kind, the Strategy examines the phenomenon of financial institutions de-risking and its causes, and it identifies those greatest impacted. It also offers recommended policy options to […]
Category Archives: U.S. Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at the Sacramento Metropolitan Chamber of Commerce’s 51st Annual “Capitol-to-Capitol” Program As
As Prepared for Delivery Good morning, everyone. It’s great to be with you at the 51st annual “Cap-to-Cap” program. I’m thankful that over four hundred of you have made the trip to Washington. I’d like to extend a special welcome to the more than a hundred here who are members of this delegation for the […]
Treasury Announces $508 Million Settlement with British American Tobacco Largest Ever Against Non-Financial Institution
Half-Billion Dollar Fine Issued for Apparent Violations of North Korea and WMD Sanctions WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $508 million settlement agreement with London-headquartered British American Tobacco p.l.c. (BAT) to resolve its apparent violations of U.S. sanctions on the Democratic People’s Republic […]
Treasury Sanctions Senior Iranian Officials Overseeing Violent Protest Suppression and Censorship
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four senior officials of the Law Enforcement Forces of Iran (LEF) and Islamic Revolutionary Guard Corps (IRGC), the primary Iranian security forces responsible for the regime’s brutal suppression of the protests that broke out in September 2022 following the arrest […]
Treasury Targets Actors Facilitating Illicit DPRK Financial Activity in Support of Weapons Programs
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three individuals for providing support to the Democratic People’s Republic of Korea (DPRK) through illicit financing and malicious cyber activity. The DPRK launders stolen virtual currency and deploys information technology (IT) workers to fraudulently obtain employment to generate revenue in […]
READOUT: Under Secretary Nelson’s Travel to Europe
WASHINGTON — Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson traveled to Europe from April 16 – 22 to continue close coordination with partners and allies on countering Russian sanctions evasion and limiting Russia’s ability to obtain materials for its war against Ukraine. He visited Zurich and Bern, Switzerland; Milan, […]
Acting Comptroller Issues Statement at Financial Stability Oversight Council Meeting
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Financial Stability Oversight Council (FSOC) meeting: Thank you, Madam Secretary, for your strong leadership of the Council on this important project. I would also like to extend my thanks to the FSOC staff and the staff of the Council members […]
READOUT: Financial Stability Oversight Council Meeting on April 21, 2023
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S. Department of the Treasury (Treasury). During the executive session, the Council discussed recent market developments, including current conditions in the banking sector. The Council noted that […]
FSOC Issues for Public Comment Proposed Analytic Framework for Financial Stability Risks and Proposed Guidance on Nonbank Financial Company Determinations
WASHINGTON – The Financial Stability Oversight Council (Council) today voted unanimously to issue for public comment a proposed analytic framework for financial stability risks. This new framework is intended to provide greater transparency to the public about how the Council identifies, assesses, and addresses potential risks to financial stability, regardless of whether the risk stems […]
Remarks by Secretary of the Treasury Janet L. Yellen at Financial Stability Oversight Council Meeting
As Prepared for Delivery Our first agenda item is a discussion and votes on two proposals. The first is the Council’s proposed framework for financial stability risk identification, assessment, and response. The second is the proposed interpretive guidance on nonbank financial company designations. Before we turn to the presentation, let me first speak about how […]