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Strategic Objective
Develop, implement, and enforce sanctions and other targeted financial measures
Strategic Objective
Overview
TFI works with other agencies to identify and limit or deny financial services to, and target the assets of, those individuals and organizations who are known to be taking actions against the United States or are aiding such people.
Treasury has the authority to employ powerful tools that can cut off the money supply and trade conduits of illicit actors and organizations. Sanctions administered by OFAC, and other targeted financial measures administered by FinCEN, have proven to be effective and successful tools. By strategically using these tools, Treasury seeks to cripple these actors’ ability to do harm. The economic sanctions programs have become increasingly sophisticated as financial networks have grown and non-state actors have begun projecting their power globally. Through these sanctions, OFAC continues to greatly limit the financial capabilities of illicit actors. Moreover, targeted financial measures such as sanctions offer U.S. policymakers affirmative foreign policy options beyond diplomatic approaches alone to handle threats to the national security or foreign policy of the United States. Treasury also seizes assets forfeited from criminal activities and administers the forfeited funds in furtherance of law enforcement and protection activities[1].
[1] Treasury Executive Office for Asset Forfeiture. Available at at http://www.treasury.gov/about/organizational-structure/offices/Pages/The-Executive-Office-for-Asset-Forfeiture.aspx.
Read Less...Progress Update
The Department of the Treasury, in consultation with the Office of Management and Budget, has determined that performance toward this objective is making noteworthy progress due to the Joint Comprehensive Plan of Action signed in FY 2015 and the new regulations regarding Cuba sanctions.
~~Through a steady campaign to expose Iran’s deceptive activities in the financial arena, Treasury isolated Iran’s banks from the world’s financial centers, wounding its trade and financial strength. Since 2010, these and other efforts led to the diplomatic process that produced the Joint Comprehensive Plan of Action in July 2015. This plan will ensure Iran’s nuclear program remains exclusively peaceful and, in turn, will lift specified nuclear-related sanctions on Iran upon verification from the International Atomic Energy Agency that Iran has implemented key nuclear commitments. This success proves that smart, creative, persistent financial efforts, when backed by the superb support of the U.S. intelligence community, can change behavior.
In December 2014, the President announced a set of diplomatic and economic changes to chart a new course in U.S. relations with Cuba and further engage and empower the Cuban people. Treasury and the Department of Commerce published revised Cuban Assets Control Regulations and Export Administration Regulations, effective in January 2015, that will facilitate travel to Cuba for authorized purposes, approve processing of certain financial transactions, and allow other activities in the areas of telecommunications, financial services, trade, and shipping. In September 2015, Treasury and Commerce announced additional amendments to the Cuba sanctions regulations. These regulatory changes build upon the January amendments and will further facilitate the normalization process between Cuba and the United States.
