The United States and India have announced an extension of their agreement regarding the transition from India's existing Equalization Levy to a new multilateral solution agreed upon by the OECD-G20 Inclusive Framework. This announcement follows the historic agreement reached on October 8, 2021, between over 130 countries under the G20/OECD Inclusive Framework, which introduced a two-pillar package of reforms to the international tax framework.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released final regulations on reporting requirements for brokers of digital assets, as part of the Biden-Harris Administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA). These regulations align digital asset reporting requirements with those long established for traditional financial services.
The Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency in Singapore today. During this session, several key actions were taken, including adopting Mutual Evaluation Reports (MERs) for India and Kuwait, agreeing to publish a report on non-financial gatekeeper facilitation of corruption, and discussing the priorities of the incoming Mexican FATF Presidency.
Earlier today, Secretary of the Treasury Janet L. Yellen met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva to discuss this year’s Article IV consultation with the United States. Secretary Yellen reiterated the importance of frank and thorough assessments of all IMF member economies through the annual surveillance process.
On June 24, 2024, Secretary of the Treasury Janet L. Yellen delivered remarks on extreme heat financing, emphasizing the increasing severity and frequency of extreme weather events globally. She highlighted the importance of mitigating and responding to these events as a key priority for the Treasury Department, in collaboration with multilateral development banks (MDBs).
U.S. Secretary of the Treasury Janet L. Yellen participated in a roundtable lunch at Target headquarters with Target CEO Brian Cornell and other CEOs from the Minnesota area to discuss President Biden’s economic strategy and efforts to lower costs.
WASHINGTON – The United States has expressed its approval of the successful Annual Meetings of the African Development Bank (AfDB) and joins all shareholders in endorsing a general callable capital increase (GCCI) of up to $117 billion. The AfDB is recognized as a key partner for the United States and its African counterparts in fostering prosperous, inclusive, resilient, and integrated development.
In a speech delivered in Minneapolis, U.S. Secretary of the Treasury Janet L. Yellen announced new funding sources for housing production and urged further action by Congress, states, and localities. This initiative is part of the Biden Administration’s broader effort to reduce housing costs.
WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions today on nearly 50 entities and individuals connected to a "shadow banking" network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC). This network has facilitated illicit access to the international financial system, processing billions of dollars since 2020.
It is an honor to represent the United States of America at the 60th Annual Meeting of the African Development Bank in Nairobi, Kenya. Kenya has been an exemplary host and it is always a great pleasure to visit this dynamic country that represents the vibrancy and beauty of the continent, especially on the heels of the successful State Visit of H.E. President William Ruto to Washington, DC.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated a network comprising two individuals and seven entities that provide significant revenue sources for Republika Srpska (RS) President Milorad Dodik and his family. The action targets companies linked to Dodik and his son, Igor Dodik, which have allegedly manipulated government contracts to benefit their business interests.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned eight individuals linked to Mexico's La Nueva Familia Michoacana drug cartel, as announced by Secretary Janet L. Yellen in Atlanta, Georgia. These sanctions target those involved in trafficking fentanyl, cocaine, and methamphetamine into the United States.
The U.S. Department of the Treasury announced today that taxpayers received $556,685,001 from a series of auctions held from June 3 to 13, 2024. These auctions were conducted to sell warrants for common stock of 11 publicly traded airlines. The airlines issued these warrants to the Treasury in 2020 and 2021 as partial compensation for financial assistance and loans provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021.
On June 18, 2024, Secretary of the Treasury Janet L. Yellen addressed a press conference in Atlanta, Georgia, alongside representatives from the Drug Enforcement Administration and the U.S. Attorney’s Office to announce new measures against the opioid crisis.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated twelve individuals in executive and senior leadership roles at AO Kaspersky Lab. This action aims to address continued cybersecurity risks associated with the organization.
