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Financial Services Law Insights and Observations

Treasury convenes Counter-Hizballah International Partnership to prevent illicit financial activity

Financial Crimes Department of Treasury Of Interest to Non-US Persons

Financial Crimes

On October 18, the U.S. Treasury Department announced it had convened the first meeting of the Counter-Hizballah International Partnership (CHIP) involving representatives from over 30 countries. CHIP participants discussed methods to diminish Hizballah’s exploitation of the international financial system to fund terrorist activities and stressed the importance of building momentum and ensuring coordination of efforts. Impact-oriented considerations included: (i) establishing cross-border information sharing among financial intelligence units; (ii) “strengthening terrorism finance risk assessments”; (iii) creating “targeted financial sanctions regimes;” and (iv) prosecuting terrorists and their affiliated financial facilitators.

Find continuing InfoBytes coverage related to Hizballah here.

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