FROM THE OFFICE OF PUBLIC AFFAIRS

I welcome today's gathering of the Financial Action Task Force (FATF), which includes representatives from Africa, Asia/Pacific, the Caribbean, Central and Eastern Europe and South America. We congratulate FATF on its leadership in expanding anti-money laundering efforts worldwide. The U.S. will increasingly rely on the FATF and its work to raise international standards as we implement our National Money Laundering Strategy. We will only have maximized our efforts in fighting financial crime and money laundering when there are no jurisdictions where illegal profits of crime can be hidden.

Money laundering uses the financial system to conceal profits of crime. It is global in reach and provides the funds for criminals and their organizations to continue their illegal activity. We are firmly committed to working with our international partners to strengthen law enforcement activity to disrupt the flow of illicit proceeds, and support FATF's efforts to encourage all jurisdictions to develop strong anti-money laundering programs.