US Treasury seeks to close money-laundering loopholes

May 16 (Reuters) – The U.S. Treasury Department said on Thursday it is looking whether more regulations are needed to prevent money laundering and illicit finance.

Closing legal and regulatory gaps is a top priority, the department said.

Scrutiny of illicit and terrorism financing has mounted in the aftermath of the Oct. 7 Hamas attack on Israel and Russia’s invasion into Ukraine.

The agency’s financial crimes unit this year has proposed new rules for investment firms and real estate professionals to better monitor potential money laundering. It is part of a broader effort under President Joe Biden to crack down on illicit finance.