The Office of Terrorism and Financial Intelligence (TFI), formed in 2004,[1] is an agency of the United States Department of the Treasury. TFI works to reduce the use of the financial system for illicit activities by terrorists (groups and state-sponsored), money launderers, drug cartels, and other national security threats.

The Office of Terrorism and Financial Intelligence is headed by the Under Secretary of the Treasury for Terrorism and Financial Intelligence who is appointed by the President and confirmed by the Senate. The position has been vacant since the departure of Sigal Mandelker in October 2019.

TFI oversees the Office of Terrorist Financing and Financial Crimes, the Office of Intelligence and Analysis, the Office of Foreign Assets Control, the Financial Crime Enforcement Network and the Treasury Executive Office for Asset Forfeiture.[2]

The U.S. Treasury Department is the only national finance ministry with its own in-house intelligence agency, with offices around the world, including Islamabad and Abu Dhabi.[3]

History

The TFI was founded in 2004. Its first Under Secretary was Stuart A. Levey who was sworn in on July 21, 2004. He was a political appointee of President George W. Bush and President Obama asked Levey to remain in the position. Levey served until March 2011 and was succeeded by David S. Cohen on June 30, 2011. He left the position on February 9, 2015, and was succeeded by Adam J. Szubin who acted in the position from April 16, 2015, to February 13, 2017. Sigal Mandelker was nominated for the position by President Donald Trump in March 2017, and confirmed by the Senate on June 21, 2017.[4] [5] The position has been vacant since Mandelker's departure in October 2019.

References

  1. ^ "Testimony of Under Secretary Cohen before the Senate Subcommittee on Financial Services and General Government". the U.S. Department of the Treasury. 2 April 2014. Retrieved 10 January 2017.
  2. ^ "Terrorism and Financial Intelligence". www.treasury.gov. Retrieved 8 July 2015.
  3. ^ Liberto, Jennifer (16 February 2010). "Treasury's quiet war". CNN. Retrieved 8 July 2015.
  4. ^ "PN172 - Nomination of Sigal Mandelker for Department of the Treasury, 115th Congress (2017-2018)". 21 June 2017.
  5. ^ "Trump's Top Sanctions Official Departing for Private Sector". Bloomberg.com. 2 October 2019.