As Prepared for Delivery
Thank you all for coming together today for this important discussion. These were the opening remarks of Brian Nelson, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, at a Banking Roundtable in San Juan, Puerto Rico.
Nelson emphasized the importance of combatting financial crimes, stating, "You are on the front lines of combatting financial crimes, so I hope this will be a frank and open discussion and exchange of perspectives on how we can collectively mitigate these threats."
During the roundtable, Nelson acknowledged the progress made in enhancing supervision of Puerto Rican Financial Entities but highlighted remaining risks. He stated, "We assess that supervisory gaps are still being exploited by drug traffickers, corrupt actors, sanctions evaders, and others to launder significant amounts of funds through the U.S. financial system."
Furthermore, Nelson raised concerns about the limited transparency in Puerto Rico's real estate sector, noting a growing trend of cash transactions for real estate purchases that lack transparency and reporting mechanisms.
In conclusion, Nelson expressed the need for close partnership with commercial banks to combat illicit financial activities effectively. "I am here today to identify how we can enhance our collective efforts to mitigate these risks," he stated.
