US Treasury National Illicit Finance Strategy 2024 outlines US sanctions developments & goals

22 May 2024

The US Treasury has published its National Illicit Finance Strategy 2024, which outlines (inter alia) US sanctions developments and actions taken to implement recommendations from the 2021 Sanctions Review, including:

• the US has designated more than 350 individuals and entities across more than 30 countries for their involvement in corruption and related activities;

• the Treasury established the Sanctions Economic Analysis Unit, which develops economic and financial policy analysis to inform the design and implementation of sanctions policy; and

• the US supported the development of the UN general humanitarian exception and issued GLs to standardise exceptions for humanitarian related activities.

The Treasury also outlined its “2026 Benchmark for Progress”:

• continue engaging with NGOs to discuss financial access challenges, and humanitarian-related general licenses;

• continue to apply sanctions to virtual asset service providers supporting illicit actors around the world, financial and procurement activity tied to fentanyl production, and to other corrupt and illicit actors;

• maintain financial pressure on Russia while it continues its invasion of Ukraine, including through ongoing actions to disrupt sanctions evasion networks; and

• maintain close coordination with partners and implement multilateral or joint sanctions designations, where possible.