The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
3/2/2023 Remarks by Under Secretary Brian Nelson at the Meeting of the President’s Interagency Task Force to Monitor and Co… U.S. DEPARTMENT OF THE TREASURY Remarks by Under Secretary Brian Nelson at the Meeting of the President’s Interagency Task Force to Monitor and Combat Trafficking in Persons February 13, 2023 As Prepared for Delivery Thank you, Secretary Blinken. Itʼs an honor to discuss Treasuryʼs work to combat human tra icking. Human tra icking poses a grave threat to the rule of law and endangers the safety and security of people in the United States and around the world. Itʼs a set of activities that is as abhorrent as it is prevalent—lurking just below the surface of our societies, preying on vulnerable populations, infiltrating critical supply chains and industries, and hiding in the shadows of the U.S. and international financial systems. Beyond its enormous human costs, human tra icking is estimated to be one of the worldʼs most profitable criminal enterprises. Last year, the Treasury Department identified money laundering linked to human tra icking as among the most significant illicit finance threats facing the United States. It is precisely by pursuing these profits—following the money—that we can combat these crimes, disrupt illicit networks, and seek justice for victims of tra icking. In support of the National Action Plan, Treasury will continue to leverage all its tools and authorities to counter those engaged in human tra icking. With each action, we send a powerful and unequivocal message that the United States will not tolerate the exploitation of human beings. This work starts by closing the financial loopholes in the United Statesʼs anti-money laundering /countering the financing of terrorism framework that human tra ickers and criminal networks use to launder, move, or stash their illicit proceeds. For example, weʼre working diligently to implement the Corporate Transparency Act (CTA), which will bring greater transparency to company ownership and make it harder for illicit actors like human tra ickers to exploit shell and front companies to launder ill-gotten gains. https://home.treasury.gov/news/press-releases/jy1270 1/2 3/2/2023 Remarks by Under Secretary Brian Nelson at the Meeting of the President’s Interagency Task Force to Monitor and Co… These e orts will help prevent human tra ickers and other criminals from seeking impunity through financial anonymity. Treasury is also working closely with the private sector to combat human tra icking. Treasuryʼs Financial Crimes Enforcement Network, or FinCEN, published advisories in 2014 and 2020 highlighting for U.S. financial institutions—large and small—the critical role they can play in identifying and reporting transactions related to these illicit activities. Human tra icking also remains a focus of Treasuryʼs engagement with foreign partners. This issue has featured, in particular, in Treasuryʼs work with counterparts in Mexico, as weʼve made joint strides in pursuing human tra ickers by blocking their accounts and targeting their illicit financial networks. Treasury is playing a leading role in shaping the global financial fight against human tra icking, including at international forums like the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units (Egmont Group). We continue to raise awareness about these issues, enhance global standards to combat illicit finance, and exchange information to identify and disrupt networks. We are focused on delivering justice and accountability to human tra ickers and their networks. Treasury will continue to work closely with our law enforcement colleagues, and we are prepared to impose dire financial consequences on those responsible for these injustices, including by freezing their assets and cutting o their access to the U.S. financial system. We are committed to using, where relevant and appropriate, sanctions authorities to designate perpetrators of human tra icking, including forced labor. Through these e orts, weʼre preventing human tra ickers from misusing the financial system, weʼre partnering with the private sector and the international community, and weʼre pursuing those responsible for these egregious crimes. We look forward to deepening our work with you all on this important issue. https://home.treasury.gov/news/press-releases/jy1270 2/2
@FedFRASER