The Money Laundering and Financial Crimes Strategy Act of 1998 amended the Bank Secrecy Act in part by requiring the U.S. Treasury and Justice Departments and the Executive Branch to submit an annual National Money Laundering Strategy. With participation of a number of federal agencies that contribute to this document, the U.S. government sets out its objectives for the coming year regarding the fight against money laundering and reviews the efforts made in the prior year. The 2002 Strategy broke important ground in that it set out a coordinated government-wide strategy to combat terrorist financing. The 2007 Strategy (the last one as of December 3, 2015) includes a two action items for OFAC:
Under Goal 1 “Continue to safeguard the banking system”: “The Office of Foreign Assets Control (OFAC) will continue to foster transparency within the automated clearing house community to assure that adequate information is included with cross-border funds transfers and that transactions subject to financial sanctions are appropriately interdicted”. Under Goal 2 “Enhance Financial Transparency in Money Services Businesses: “OFAC will enter into MOUs with the States, working with the Conference of State Bank Supervisors and the Money Transmitter Regualtors (sic.) Association, to share information and improve awareness of trade and economic sanctions that are often connected with money laundering schemes.”

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