Illicit actors – from terrorists to organized crime syndicates to corrupt foreign officials – take advantage of the global financial infrastructure to finance their unlawful activities and hide their ill-gotten gains.
The U.S. Intelligence Community has insight into these actors’ identities, networks, and activities, but it has little ability to monitor actual financial transactions; private sector companies, particularly financial services firms, know how funds move around but often find it challenging to assess the identities or motivations of those involved in financial transactions. Effectively combating illicit financial activities thus requires greater collaboration between the public and private sectors.
INSA’s Financial Threats Council works to strengthen public-private cooperation and information sharing regarding the broad range of threats faced by government, the financial services sector, and other industries, which include cyber security, money laundering, terrorist finance, transnational organized crime, corruption, and confidence in U.S. and global financial infrastructure.
The Council seeks to:
The USA PATRIOT Act permits financial institutions to share information with each other and the government only in instances of suspected terrorism and money laundering. This constrains banks' ability to combat other types of financial crime. INSA recommends steps to strengthen information sharing u ...
INSA encourages the US Government to partner with financial institutions to establish a unique, public-private CS/IA program. Such a program should include a portal modeled on DIBnet to enable the real-time, secure flow of classified and unclassified cyber threat data between federal and non-federal ...
