Department of the Treasury 

Office of Terrorism and 

Financial Intelligence 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 
TFI - 2 

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1– Appropriations Detail Table ............................................................................................... 3

1.2– Budget Adjustments ............................................................................................................ 4

C – Budget Increases and Decreases Description ....................................................................... 4

1.3 – Object Classification (Schedule O) Obligations ................................................................ 9

D – Appropriations Language and Explanation of Changes .................................................... 10

E – Legislative Proposals .......................................................................................................... 10

Section II – Annual Performance Plan and Report ................................................................. 11

A – Strategic Alignment ........................................................................................................... 11

B – Budget and Performance/Workforce Indicators by Budget Activity ................................. 12

2.1.1 – Terrorism and Financial Intelligence Resources and Measures ................................... 12

Terrorism and Financial Intelligence Budget and Performance ............................................... 13

C – Changes in Performance Measures .................................................................................... 14

Section III – Additional Information ........................................................................................ 14

A – Summary of Capital Investments ....................................................................................... 14
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Section I – Budget Request 

A – Mission Statement 

Enhance national security by applying Treasury’s unique policy, enforcement, intelligence, and 

regulatory tools to identify, disrupt and disable terrorists, criminals, and other national security 

threats to the United States and to protect the U.S. and international financial systems from abuse 

by illicit actors. 

B – Summary of the Request 

The Office of Terrorism and Financial Intelligence (TFI) requests $244 million for fiscal year 

(FY) 2024. Funding at this request level would enhance TFI’s ability to protect the U.S. and 

international financial systems from both foreign and domestic abuse. Resources would be 

utilized to increase transparency in the domestic and international financial system and to 

facilitate the detection of illicit financial activity. These actions are essential to reaffirming 

Treasury’s global leadership in combating financial abuse. Resources would also be used to 

advance the Administration’s foreign policy and national security priorities through the 

application of targeted financial measures. TFI’s request prioritizes efforts to modernize the 

development, implementation, enforcement, and maintenance of U.S. sanctions to ensure that 

sanctions remain a streamlined and effective foreign policy and national security tool. Resources 

will support further development of Treasury’s sanctions expertise and expand Treasury’s 

external engagement and outreach on sanctions with key interagency and international partners. 

Additionally, the FY 2024 request prioritizes anti-money laundering, countering the financing of 

terrorism (AML/CFT), and countering the financing of proliferation (CFP) policy advancements 

both domestically and internationally. 

1.1 – Appropriations Detail Table 

Dollars in Thousands 

 FY 2022 FY 2023 FY 2024 FY 2023 to FY 

2024 

Appropriated Resources Operating Plan Operating Plan Request % Change 

New Appropriated Resources FTE AMOUN

T FTE AMOUN

T FTE AMOUN

T FTE AMOUN

T 

Terrorism and Financial Intelligence 562 $195,192 576 $216,059 685 $244,000 18.9% 12.9% 

Subtotal New Appropriated Resources 562 $195,192 576 $216,059 685 $244,000 18.9

% 12.9% 

Other Resources 

Reimbursable 32 $9,051 32 $13,500 32 $13,500 0.0% 0.0% 

Transfer from Technology Modernization 

Fund (TMF) 0 $0 0 $11,145 0 $0 NA -100.0% 

Subtotal Other Resources 32 $9,051 32 $24,645 32 $13,500 0.0% -45.2% 

Total Budgetary Resources 594 204,243 608 $240,704 717 $257,500 17.9

% 7.0% 

Notes: 

1) FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

2) Table excludes Ukraine Supplemental appropriation. 
TFI - 4 

1.2 – Budget Adjustments 

Dollars in Thousands 

 FTE Amount 

FY 2023 Operating Plan 576 $216,059 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $7,650 

Pay Annualization (4.6% average pay raise) 0 $1,237 

Pay Raise (5.2% average pay raise) 0 $4,243 

Non-Pay 0 $2,170 

Non-Recurring Costs 0 ($10,655) 

One-Time Contractor Support, Facility Buildouts, and IT Investments 0 ($10,655) 

Other Adjustments: 37 $7,641 

Absorption of Staff Supporting Ukraine 37 $7,641 

Subtotal Changes to Base 37 $4,636 

FY 2024 Current Services 613 $220,695 

Program Increases: 72 $23,305 

Creation of a Sanctions Economic Analysis Unit 9 $2,680 

OIA Office of Security Personnel Staffing, OpSec, and Blockchain/Digital Assets 21 $4,578 

Enhance the IC's Economic Security and Financial Intelligence 7 $2,000 

Office of Global Affairs (OGA) Regional Teams 6 $1,940 

OFAC Sanctions Support: Increased IT Staffing and Operational Funding 1 $2,200 

Improve Hiring and Recruitment Programs 0 $200 

Treasury's Secure Communications Program 3 $3,800 

Office of Strategic Policy Staff 5 $2,040 

OIA Staffing & OFAC Sanctions Tools and Staffing 20 $3,767 

Promote Evidence Act and Treasury Data Strategy 0 $100 

Subtotal Program Changes 72 23,305 

FY 2024 President's Budget Request 685 $244,000 

Note: C-1 table does not include $11.1M in funding for the secure cloud initiative funded by the TMF in 

FY 2023 (see tables 1.1 and 2.1.1). 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ...................................................... +$7,650,000 / +0 FTE 

Pay Annualization (4.6%) +$1,237,000 / +0 FTE 

Funds are requested for annualization of the January 2023 4.6 percent average pay raise. 

Pay Raise (5.2% in 2024) +$4,243,000 / +0 FTE 

Funds are requested for a 5.2 percent average pay raise in January 2024. 

Non-Pay +$2,170,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment.

 
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Non-Recurring Costs ................................................................................. -$10,655,000 / -0 FTE 

One-Time Contractor Support, Facility Buildouts, and IT Investments -$10,655,000 / 0 FTE 

During FY 2024 TFI anticipates non-recurring approximately $10.7 million of funding used for 

one-time projects in FY 2023. This funding will be utilized during FY 2023 to support the 

growth in TFI’s footprint through critical investments in IT infrastructure and facilities. Funding 

will also be utilized for one-time contractor surge support to bridge the gap on critical TFI 

workstreams while the office hires additional permanent federal workers. 

Other Adjustments ................................................................................... +$7,641,000 / +37 FTE 

Absorption of Staff Supporting Ukraine +$7,641,000 / +37 FTE 

Two-year appropriations passed in FY 2022 to respond to the situation in Ukraine expire at the 

end of FY 2023. TFI currently estimates 37 FTEs are supporting Ukraine from this funding 

source. At the outset of FY 2024, these staff will be fully funded from the TFI Salaries and 

Expenses account. 

Program Increases ................................................................................. +$23,305,000 / +72 FTE 

Creation of a Sanctions Economic Analysis Unit +$2,680,000 / +9 FTE 

As envisaged, the Unit will be responsible for the development of economic and financial policy 

analysis to inform the design and implementation of sanctions policy and targeting options that 

may be approved by Treasury decision makers under existing or proposed authorities. The Unit 

will also provide firm- and industry-specific analysis of potential collateral effects of proposed 

sanctions and identify issues that may be appropriate to mitigate, including related to U.S. 

persons, in connection with OFAC actions. Lastly, the Unit will conduct after-action financial 

and economic policy analysis of collateral effects and work with sanctions regulatory and policy 

practitioners to recommend additional mitigation or program adjustments, as necessary. 

The Unit is intended to provide a globally consistent approach to economic and financial policy 

analysis that better informs Treasury’s sanctions design and implementation work and develops a 

center of excellence for analyses on the effectiveness of sanctions policy. As such, the Unit will 

build a centralized repository of sanctions-specific institutional memory on economic and 

financial analytical processes, approaches, and results, leveraging existing knowledge 

management within TFI and IA components. Over time, the Unit will function as the 

Department’s internal knowledge base on sanctions-specific economic and financial policy 

analysis, capturing and documenting lessons learned on economic and financial policy analyses 

from prior sanctions episodes and the economic consequences of sanctions programs. As the 

Unit grows, it will work closely with OFAC to conduct analyses that contribute to periodic 

evaluations of sanctions policy and programs and provide data and information that can help 

OFAC make recommendations to modify sanctions policies. 

The Unit will relieve what is presently unsustainable demands on existing units within IA, which 

are not adequately resourced to respond to “peak load” sanctions-related taskings from senior 

Treasury leadership and the interagency. The Unit will also relieve demands on IA for firmspecific economic and financial policy analysis. The Unit will also provide OFAC with a central 

source for technical excellence in financial market dynamics, balance sheet, and economic policy 

analysis, skills for which OFAC does not presently recruit. 

 
TFI - 6 

OIA Office of Security Personnel Staffing, OpSec, and Blockchain/Digital Assets +$4,578,000 / 

+21 FTE 

TFI’s Office of Intelligence Analysis (OIA), Office of Security Programs, Personnel Security 

program conducts security intake/onboarding for Departmental Offices employees; determines 

adjudicative suitability for employment of Department hires; interprets and assists bureaus in 

implementing national and Department personnel security policies; provides verification of 

security clearance and investigation information; evaluates implementation and effectiveness of 

security practices and procedures; recommends program enhancements; and supports 

Department and bureau offices in providing continuous real-time status reports of onboarding 

employees. TFI is requesting additional security officers to properly staff the intake, 

investigation, and adjudication functions and meet Department and National timeliness standards 

for clearing and onboarding employees and to assist with the establishment, implementation, and 

management of a Department-wide Operations Security program. 

TFI’s Office of Intelligence and Analysis (OIA) is also responsible for providing strategic 

intelligence analysis and support on digital assets and emerging technology, including central 

bank digital currencies, private virtual currencies, blockchain technology, state-sponsored 

financial infrastructure, artificial intelligence, and other emerging technologies. This request is 

for resources to track and provide analysis on rapidly changing trends in digital assets, such as 

usage by illicit actors, representing the highest priority needs of the Department. OIA will be 

able to provide persistent coverage and respond to large number of requests from Treasury 

policymakers, interagency officials, and the financial sector and more effectively research and 

analyze large global trends and technical data that are emerging and require sustained attention.

Enhance the IC’s Economic Security and Financial Intelligence +$2,000,000 / +7 FTE 

This request completes the strategic investment started in FY 2023 to right-size the economic 

and finance related mission space within OIA. The FY 2024 funding will support the following 

programmatic areas: 

• Strategic Economic and Financial Analysis – This funding would allow OIA to enhance its 

strategic macroeconomic and sectoral intelligence analysis in support of the Department’s 

national security mission. 

• Counterintelligence (CI) Threat Finance – This funding would allow OIA to expand its 

analysis of how foreign intelligence services pay to target and recruit U.S. government 

personnel. 

• Enhance the Treasury Reporting Program – This funding would allow OIA to expand 

intelligence reporting to the intelligence, law enforcement, and policy communities as 

applicable, based on Treasury policymaker engagements and whether data sets are 

proprietary or shareable. 

Office of Global Affairs (OGA) Regional Teams +$1,940,000 / +6 FTE 

This request is a critical need for additional staff to support Treasury’s national security mission. 

Ongoing world events in Ukraine, expected national security concerns identified over the next 

five to ten years, and increased taskings from the National Security Council have increased 

OGA’s workload exponentially—and often with extremely short timelines. 
TFI - 7 

As an example of a metric, the use of sanctions as a tool of national security has increased by at 

least 50% since Russia first invaded Ukraine in 2014. Related to this is the work around foreign 

and private sector engagement, which has increased exponentially without a corresponding 

addition of personnel. This includes international digital assets work, including ransomware 

issues. 

OFAC Sanctions Support: Increased IT Staffing and Operational Funding +$2,200,000 / +1 FTE 

The Office of Foreign Assets Control’s (OFAC) Sanctions Support Division (SSD) requires 

funding for IT investments to enhance the role that technology plays in carrying out TFI business 

processes. Associated focus areas are: 

• Enhancements - This development category addresses operational requirements larger than 

what can be covered in short maintenance sprints. Examples are modernizing the Licensing 

backend code, cloud-based sanctions list generation and publishing, cloud migration for both 

OFAC’s internal case management system, OFAC Administrative System for Investigations 

and Sanctions (OASIS) and public facing Licensing application site, and expansion of the 

OFAC Reporting System public data management tool. Future projects will include 

modernization of OASIS review services, a full refresh of the OASIS user interface, 

additional enhancements to public facing services, classified case management, automation 

of the OFAC interdiction process, and integration between OFAC systems and intra/inter 

agency systems. 

• Operations & Maintenance (O&M) of existing systems - The ideal support structure requires 

an applications maintenance team for each functional unit of OFAC: Targeting/Specially 

Designated Nationals, Compliance and Enforcement, and Sanctions Policy & 

Implementation, comprised of three pods of contractors (each contain developers, testers, and 

management). These pods work in revolving sprints throughout the year tackling the most 

pressing issues for each component of OFAC. The O&M sprints are typically business 

process focused. The goal is eight six-week sprints for each pod per year. In addition to the 

sprints, this structure allows for year-round “on demand” unforeseen issue resolution. 

• Outsourced Services (maintenance and contractor support) - SSD leverages Treasury’s Office 

of Chief Information Officer (CIO) services, Amazon cloud services (low and high), and off 

the shelf products to augment custom code solutions. This covers infrastructure (hardware 

and software), hosting services, commercial off the shelf (COTS) products (call center, 

eDiscovery), and odds and ends (secure file transfer portal). Contractors provide 

enhancements and maintenance to the OFAC and TFI SharePoint portals, and all other 

SharePoint related requirements. On the data science front this includes support for analyst 

data needs, development/automation of data solutions, and in collaboration with TFI 

contracted resources, integration into the TFI-wide data analysis tool. 

• Personnel: OFAC’s SSD has encountered increased project management and technical 

resource requirements. Two areas of need are in software development project management 

and additional staffing to meet the ever-expanding transformation of TFI business process 

with data driven analysis. In response to these needs, TFI is requesting a Project 

Management/Lead Developer position for OFAC’s SSD. 

Improve Hiring and Recruitment Programs +$200,000 / +0 FTE 

DO completed a comprehensive time-to-hire review over the past several months. Since this 

assessment, DO has made a number of adjustments to its hiring support, including: 1) improving 
TFI - 8 

long-term workforce planning, 2) emphasizing the importance of finalizing PDs and JAAs prior 

to recruit requests, 3) encouraging usage of the variety of recruitment methods available to DO 

staff (Sched A, Pathways, merit promotion, etc.), and 4) devoting additional resources to the 

security/adjudication process to improve security clearance process times. In order to properly 

tackle these issues, DO needs additional staffing in Human Resources and Human Capital.

Treasury’s Secure Communications Program +$3,800,000 / +3 FTE 

TFI’s Office of Intelligence and Analysis (OIA) requires funding for hardware and personnel to 

expand Treasury’s mobile, in-office, and residential secure communications capabilities in 

support of Treasury’s national security mission. Treasury has grown to become a critical partner 

in the U.S. government’s efforts to protect the United States and international financial system 

from malicious actors and countering networks that support terrorists. OIA has experienced a 

surge in requests from Treasury personnel to use its limited secure communication resources. 

This request will ensure that OIA can continue meeting customer demand by expanding the 

number of video and voice assets available and that the Department’s capabilities are in with 

other national security focused agencies. . 

Office of Strategic Policy Staff +$2,040,000 / +5 FTE 

The Office of Strategic Policy (OSP) in TFI’s Office of Terrorist Financing and Financial Crimes 

(TFFC) has been critically understaffed for the past decade. OSP leadership serves as the head of 

the U.S. Financial Action Task Force (FATF) delegation and OSP staff spearheads many of the 

USG AML/CFT/CPF policy advancements both domestically and internationally. These six 

positions are required to expand TFI’s subject matter expertise on environmental crimes and 

money laundering schemes related to opioids crisis, environmental crimes, cybercrimes, 

domestic violent extremism, and fraud, particularly health care fraud and theft of COVID 

stimulus funds. Expansion of staff will assist in mapping out and implementing policies to 

combat these threats. 

OIA Staffing & OFAC Sanctions Tools and Staffing +$3,767,000 / +20 FTE 

Includes funding to annualize FY 2023 staffing increases for OIA and OFAC. Includes funding 

for OIA’s Threat Finance, Strategic Economic and Financial Analysis, Program Management, 

and cybersecurity. In addition, provides support for The Office of Foreign Assets Control’s 

(OFAC) sanctions programs to manage an increase in enforcement equities associated with 

greater connectivity between U.S. persons and the sanctions targets; handling increased private 

sector engagement; increasing investigations into complex targeting actions; and increasing 

policy, regulatory affairs, and licensing actions. 

Promote Evidence Act and Treasury Data Strategy +$100,000 / +0 FTE 

Across the board, the Administration has set the expectation that agencies increase their use of 

evidence. Treasury has real challenges in meeting this goal—the Department has no staff 

supporting evaluations more broadly across Departmental Offices (DO). While appointments 

have been made for a Treasury Chief Data Officer and Deputy Chief Data Officer, they have no 

staff to support data priorities. The funding for this initiative request is needed to support TFI’s 

contribution to DO’s Evidence Act and Treasury data strategy. 

 
TFI - 9 

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2022 FY 2023 FY 2024 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 73,492 83,666 107,255 

11.3 - Other than full-time permanent 423 413 413 

11.5 - Other personnel compensation 2,712 3,137 3,307 

11.8 - Special personal services payments 0 1,650 0 

11.9 - Personnel Compensation (Total) 76,627 88,866 110,975 

12.0 - Personnel benefits 26,783 30,287 34,652 

Total Personnel and Compensation Benefits $103,410 $119,153 $145,627 

21.0 - Travel and transportation of persons 1,824 2,424 2,462 

22.0 - Transportation of things 150 153 155 

23.2 - Rental payments to others 7 126 128 

23.3 - Communications, utilities, and miscellaneous charges 0 14 14 

24.0 - Printing and reproduction 0 353 358 

25.1 - Advisory and assistance services 14,732 27,239 21,261 

25.2 - Other services from non-Federal sources 1,649 8,815 6,138 

25.3 - Other goods and services from Federal sources 54,145 59,849 64,618 

25.7 - Operation and maintenance of equipment 6,627 7,780 8,300 

26.0 - Supplies and materials 4,901 5,172 5,742 

31.0 - Equipment 3,620 4,885 2,796 

32.0 - Land and structures 5,097 7,100 3,530 

42.0 - Insurance claims and indemnities 60 4 4 

Total Non-Personnel $92,812 $123,914 $115,509 

Total Obligations $196,222 $243,067 $261,136 

 

Full-time Equivalents (FTE) 594 608 717 

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and transfers. Funding does 

not include Ukraine appropriations. 
TFI - 10 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of 

Changes 

DEPARTMENT OF THE TREASURY 

OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE 

Federal Funds 

SALARIES AND EXPENSES 

For the necessary expenses of the Office of Terrorism and 

Financial Intelligence to safeguard the financial system against 

illicit use and to combat rogue nations, terrorist facilitators, 

weapons of mass destruction proliferators, human rights abusers, 

money launderers, drug kingpins, and other national security 

threats, $244,000,000[$216,059,000], of which not less than 

$3,000,000 shall be available for addressing human rights 

violations and corruption, including activities authorized by the 

Global Magnitsky Human Rights Accountability Act (22 U.S.C. 

2656 note): Provided, That of the amounts appropriated under this 

heading, up to $16,000,000[$12,000,000] shall remain available 

until September 30, 2025[2024]. (Department of the Treasury 

Appropriations Act, 2023.)

 

E – Legislative Proposals 

The Office of Terrorism and Financial Intelligence has no legislative proposals. 
TFI - 11 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

The TFI Salaries and Expenses account funds four major functions that support Treasury’s 

mission. TFI Salaries and Expenses includes funding for the Office of Intelligence and Analysis, 

the Office of Foreign Assets Control, and the Office of Terrorist Financing and Financial Crimes. 

In addition, TFI Salaries and Expenses funds the Office of the Undersecretary for Terrorism and 

Financial Intelligence which is responsible for oversight and leadership for the aforementioned 

offices as well as the other functions within the TFI portfolio which are not funded via the TFI 

Salaries and Expenses Account. This includes Treasury’s Executive Office of Asset Forfeiture 

(TEOAF) and the Financial Crimes Enforcement Network (FinCEN). 

To achieve its mission of enhancing national security TFI utilizes a variety of pressure, 

diagnostic and preventative tools to protect the U.S. and international financial system from 

abuse (see Figure 1 below). 

Figure 1 

In its role as one of Treasury’s most important tools to enhance national security, TFI leads or 

supports on a number of Treasury’s strategic plan goals and objectives. The following page 

includes a breakout that illustrates TFI’s alignment across the strategic plan. 
TFI - 12 

B – Budget and Performance/Workforce Indicators by Budget Activity 

2.1.1 – Terrorism and Financial Intelligence Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actuals Actuals Actuals Actuals Operating 

Plan Enacted Request 

Appropriated Resources $141,778 $159,000 $169,712 $175,000 $195,192 $216,059 $244,000 

Reimbursable $8,626 $7,756 $8,543 $8,280 $9,051 $13,500 $13,500 

Transfer from Technology Modernization 

Fund 0 0 0 0 0 $11,145 0 

Budget Activity Total 

 $150,404 $166,756 $178,255 $183,280 $204,243 $240,704 $257,500 

Full-time Equivalents (FTE) 444 480 516 559 594 608 717 

Key: DISC - Discontinued; B - Baseline; I - Indicator

Notes: 

1) FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

2) Table excludes Ukraine Supplemental appropriation. 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

Number of new or modified 

sanctions programs modified by EO 

or Congressional mandate during the 

fiscal year

N/A N/A 7 8 11 I I I 

Regulatory documents published in 

the Federal Register within four 

months of publication of an 

Executive order or Congressional 

mandate during the fiscal year

N/A N/A 67% 25% 0% 75% 75% 75% 

Designations and identifications 

released on time to the public 

without errors 

N/A N/A 97% 98% 100% 90% 90% 90% 

Conduct outreach events for the 

other US government agencies, the 

public, the business sector, and 

foreign government per calendar 

year

N/A N/A 0 26 46 60 60 60 

Participation in FATF international 

mutual evaluations and follow up 

reports 

N/A N/A 32 32 42 I I I 

Number of roundtables with private 

sector on AML/CFT threats, 

vulnerabilities, and risk

N/A N/A 13 13 16 I I I 

# of overseas/domestic engagements 

with foreign officials by TFFC 

officials 

N/A N/A > 690 500+ 500+ I I I 

Respond to de-confliction requests 

received from law enforcement N/A N/A 88% 97% 99% 100% 93% 93% 

# of security clearances processed N/A N/A 1131 450 283 B B B 

Number of analytic products 

published (includes number of IIRs 

published, number of finished 

intelligence pieces published) 

N/A N/A 

 446 

IIRs/297 

FI 

 317 

IIRs/321 

FI 

584 IIRs/ 

727FI I I I 

Key: DISC - Discontinued; B - Baseline; I – Indicator
TFI - 13 

Terrorism and Financial Intelligence Budget and Performance 

($244,000,000 from direct appropriations, $13,500,000 from reimbursable resources): 

TFI has been designated as the Treasury lead for three strategic plan objectives within Treasury’s 

Goal 2 – Enhance National Security. During FY 2022, TFI continued to make significant 

progress across these objectives. Below is a brief discussion of the organization’s impact across 

each, respectively. 

Objective 2.2: Economic Measures to Advance National Security

Since the start of Russia’s full-scale invasion of Ukraine in February 2022, Treasury has taken 

unprecedented action to isolate Russia from the global financial system. To do so, Treasury has 

brought to bear both well-established tools from our economic arsenal, as well as innovative 

approaches to push the boundaries of economic statecraft that will have severe short- and longterm effects on the Russian economy. This includes hundreds of designations against a wide 

variety of Russian entities and sectors that have undercut Russian’s financing for imports forcing 

it to rely on reserves for defense industry support and production. In addition, Treasury worked 

with its international partners to impose a price cap on Russian-origin oil to reduce the Kremlin’s 

oil revenues in an effort to both promote global energy stability and keep Russia’s oil on the 

market. In addition, Treasury also expanded its efforts on investigations into and enforcement of 

Russian entities tied to the military-industrial complex, financial sector, Kremlin-linked 

oligarchs, and other focal points for corruption through the Russian Elites, Proxies, and 

Oligarchs (REPO) Task Force and other venues. 

In addition, Treasury continued to apply its tools and authorities against bad actors in Iran, North 

Korea, Syria, Burma, Zimbabwe among others while also targeting terrorist financiers, 

transnational and cyber criminals, human rights abusers, kingpins, others who seek to abuse the 

financial system. 

Objective 2.3: Modernize Sanctions Regime 

TFI/OFAC continues to carry out recommendations made from Treasury’s review of economic 

and financial sanctions. This includes developing a framework to ensure all sanctions are linked 

to clear policy objectives, are coordinated with partners, easily understandable, enforceable, and 

carefully calibrated to avoid unintended economic or humanitarian consequences. Furthermore, 

to implement these recommendations and invest in additional operational capabilities, 

TFI/OFAC has created a new sanctions unit to be staffed by sanctions experts, economists, and 

others to achieve this goal. 

Objective 2.4: Transparency in the Financial System 

Treasury continues to protect the U.S. and international financial system from abuse by illicit 

actors by promoting transparency both domestically and internationally. 

Through the release of key risk assessments in 2022 that address money laundering, proliferation 

financing, and terrorist financing, Treasury identified trends, threats, and vulnerabilities in each 

of these areas. Each assessments’ data analysis and information informed the development and 

release of the 2022 National Strategy for Combating Terrorist and Other Illicit Financing. 

Release of this strategy provided key allies with specific recommendations on how to further 

strengthen the AML/CFT and CFP regimes and mitigate abuse of the financial system. 
TFI - 14 

TFI also worked with interagency partners to develop an action plan that addresses illicit 

financing risks of digital assets. Additionally, Treasury continues addressing the financing of 

domestic violent extremism (DVE) by providing resources to counter the financing of DVE and 

assisting financial institutions and law enforcement on detecting and combating the financing of 

DVE. Treasury has also engaged with domestic regional financial institutions to discuss risks 

associated with financing domestic violent extremism and is planning a workshop with virtual 

currency firms on domestic violent extremist use of virtual assets. 

C – Changes in Performance Measures 

Please note the following change for the measure concerning program’s OIA products rated by a 

customer survey: 

Performance Measure or Indicator Proposed Change and Justification 

Percent customer satisfaction with OIA products Measure was discontinued in FY 2022 

Section III – Additional Information 

A – Summary of Capital Investments 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.