Congressman Lynch Moves to Strengthen the Department of Treasury’s Office of Technical Assistance

Sep 8, 2017 Issues: Anti-Terrorist Financing, Financial Services Committee, National Security

WASHINGTON, D.C. – Yesterday, Congressman Stephen F. Lynch’s amendment to strengthen the Department of the Treasury’s Office of Technical Assistance (OTA) was accepted to H.R. 3354 - Department of the Interior, Environment, and Related Agencies Appropriations Act, 2018. As the co-chair of the bipartisan Task Force on Anti-Terrorism and Proliferation Financing, Congressman Lynch (D-Boston) has been a strong advocate of the OTA’s work to help the finance ministries and central banks of developing and transitioning countries safeguard their financial sectors against the risks of exploitation by terrorist financiers and criminal enterprises. Specifically, Congressman Lynch’s amendment increases funding for the OTA by $4,545,000 that will be used to combat terrorist financing and financial crimes.

 

“Terrorist groups around the globe, including ISIS, Al-Qaeda, and Boko Haram, are consistently looking for new ways to fund their efforts. Weak financial institutions in the developing world are breeding grounds for corruption and are prime targets for exploitation by terrorist financiers. The United States must continue its work to promote robust and effective technical assistance to developing nations to investigate and prosecute terrorist financiers and prevent legitimate financial institutions from being abused by terrorist organizations for illicit activity,” said Congressman Lynch. “As threats of terrorism increase worldwide, the Department of the Treasury’s Office of Technical Assistance faces a greater demand for its services. The additional $4,545,000 included in my amendment will help to improve both our national security and the national security of our allies abroad.”

 

Congressman Lynch has long advocated for strengthening the national anti-terrorist financing strategy. In addition to currently serving as the Ranking Member of the National Security Subcommittee, Congressman Lynch served as the lead Democrat on the Task Force to Investigate Terrorism Financing in the 114th Congress. Congressman Lynch also founded the bipartisan Task Force on Anti-Terrorism and Proliferation Financing during the 109th Congress and continues to serve as the Democratic Chairman.