Treasury Secretary Scott Bessent addressed the FinCEN Iran Maximum Pressure and Counter Terrorism (IMPACT) Exchange Series in Washington, reinforcing the emphasis on economic security and national security. He highlighted the importance of public-private partnerships in protecting the financial system against threats from Iran.
Bessent reiterated the “America First” agenda, stating, “America First is a holistic agenda that I believe will improve the lives of every American.” He emphasized empowering local banks and ensuring the global financial system is inaccessible to those undermining world order.
The event focused on Iran’s threat to the United States and the world, with Bessent noting President Donald Trump’s renewed Maximum Pressure Campaign on Iran. The campaign’s goal is to disrupt Iran’s sponsorship of terrorism, growth of nuclear weapons, and human rights abuses.
“Our strategy is clear: we will apply economic pressure to the maximum extent possible,” Bessent said. He pointed out Iran’s use of oil sales to finance its agenda and support terrorist proxies like Hamas and Lebanese Hizballah.
Treasury’s sanctions campaign targets Iran’s oil supply chain, including recent actions against a “teapot” oil refinery’s purchase of Iranian crude oil. Bessent stressed the U.S. commitment to cutting off revenue streams that fund Tehran’s activities.
Additionally, the FinCEN Exchange program is leveraged for information sharing to disrupt Iran’s financial networks. Bessent addressed Iran’s “shadow banking” system used to bypass sanctions and generate revenue.
He outlined two goals for the discussion: enhancing collaboration with the private sector and improving feedback on Bank Secrecy Act reporting. Treasury seeks to protect the financial system from various illicit activities, including narcotics trafficking and money laundering by Mexico-based cartels.
Bessent concluded by expressing gratitude for participants’ efforts in safeguarding the financial system and national security. The FinCEN Exchange program, codified in the Anti-Money Laundering Act of 2020, enables this collaborative approach to combat money laundering and terrorism-related crimes.
