US Treasury report warns of rising risk from Russia, North Korea

By Ovunc Kutlu

ISTANBUL (AA) - The US Treasury Department on Wednesday warned of rising risks from Russia and North Korea.

Russia and North Korea presented “heightened risk” since the 2022 assessment, said the Treasury’s 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing.

"To support its unlawful war in Ukraine, Russia has expanded efforts to illegally acquire U.S.-origin goods with military applications using a variety of obfuscation techniques, such as the use of front companies and transshipment points around the world," it said.

"Networks linked to (North Korea) increasingly exploit the digital economy, including through hacking of virtual asset service providers and the overseas deployment of fraudulent information technology workers," it added.

The report also includes updates on the US' anti-money laundering and counter-financing of terrorism framework, include the ongoing fentanyl crisis, foreign and domestic terrorist attacks, and related financing.

It also covers the threat of increased ransomware attacks, growth of professional money laundering, and issues surrounding digitalization of payments and financial services.

Brian E. Nelson, Treasury under secretary for terrorism and financial intelligence, urged public and private sectors to engage with the reports and added: "Treasury, through our National Risk Assessments, is at the cutting edge of analyzing the global risk environment to protect the U.S. and international financial systems from abuse by illicit actors."