Obama Administration Announces New Strategy to Combat Transnational Crime

Monday, 25 July 2011 00:00

The Justice Department announced today a new Obama Administration "Strategy to Combat Transnational Crime." 

In a prepared statement, the White House National Security Staff released a background sheet detailing that the new strategy "will apply all elements of national power to protect citizens and U.S. national security interests from the convergence of 21st century transnational criminal threats. This Strategy is organized around a single unifying principle: to build, balance, and integrate the tools of American power to combat transnational organized crime and related threats to national security—and to urge our foreign partners to do the same."

Of particular interest, an Executive Order will establish a new economic sanctions program to "block the property of and prohibit transactions with significant transnational criminal networks that threaten national security, foreign policy, or economic interests."

This announcement will be of interest to companies engaged in international trade as we as financial institutions located throughout the world. There is also a Foreign Corrupt Practices Act component. The White House report is available for download here.

We will be sending to our clients a detailed analysis of this new strategy. It will summarize how it will impact their compliance and other business considerations. Please contact us if you are interested in learning more about this or how we can assist your company with your federal regulatory or business needs.