Terrorism and Financial Intelligence

Program Summary by Budget Activity

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan Enacted Request $ Change % Change

Terrorism and Financial Intelligence $195,192 $216,059 $244,000 $27,941 12.93%

Subtotal, Terrorism and Financial Intelligence $195,192 $216,059 $244,000 $27,941 12.93%

Offsetting Collections - Reimbursable $9,051 $13,500 $13,500 $0 0.00%

Transfer from Technology Modernization Fund $0 $11,145 $0 ($11,145) -100.00%

Total Program Operating Level $204,243 $240,704 $257,500 $16,796 6.98%

Direct FTE 562 576 685 109 18.92%

Reimbursable FTE 32 32 32 0 0.00%

Total Full-time Equivalents (FTE) 594 608 717 109 17.93%

Notes:

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

2) Table excludes Ukraine Supplemental appropriation.

Summary

The Office of Terrorism and Financial Intelligence (TFI) requests $244.0 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, and countering the financing of proliferation (AML/CFT) and countering the financing 

of proliferation (CFP) policy advancements both domestically and internationally.
Budget Highlights

Dollars in Thousands

Terrorism and Financial Intelligence 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 

Budget Adjustments

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.

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.

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. 

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 would support the following programmatic areas:

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

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.

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. 

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

This funding is needed to support TFI’s contribution to Departmental Offices’ (DO) Human 

Resources and Human Capital requirements. DO completed a comprehensive time to hire review 

over the past several months. Currently, time to hire for DO staff is nearly 152 days. That’s 

nearly two times Office of Personnel Management’s (OPM) target time to hire of 80 days, and 

1.5 times the government wide metric of 98 days as of FY 2018. Since this assessment, DO has 

made a number of adjustments to its hiring support, including: 1) improving long-term workforce 

planning, 2) emphasizing the importance of finalizing Position Descriptions and Job Analysis 

and Assessments (JAA) 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.

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. 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 line 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. 

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 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 still not 

designated an Evaluation Officer and 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.

Legislative Proposals 

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

Performance Highlights 

Description of Performance

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 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Terrorism and Financial Intelligence

Regulatory documents 

published in the Federal 

Register within four months 

of publication of an Executive 

order or Congressional 

mandate during the fiscal 

year

67% 25% 0% 75% 75%

Terrorism and Financial Intelligence

Designations and 

identifications released on 

time to the public without 

errors

97% 98% 100% 90% 90%

Terrorism and Financial Intelligence

Respond to de-confliction 

requests received from law 

enforcement

88% 97% 99% 93% 93%

Target Target

Key: DISC - Discontinued; B - Baseline

Budget Activity Performance Measure Actual Actual Actual
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.

Finally, over the past year, Treasury continued to review and identify any investment that may 

pose a national security risk in a timely manner. For those investments that may require 

mitigation, Treasury issued the Committee on Foreign Investment in the United States (CFIUS) 

Enforcement and Penalty Guidelines to promote the importance of compliance with mitigation 

and other legal agreements. 

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, 

in an effort 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 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.