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3. U.S. Treasury Secretary Calls for Global Crackdown on Terror Financing

On Tuesday at the “No Money for Terror” conference in Paris, U.S. Treasury Secretary Scott Bessent called for stronger international coordination against terrorist financing networks, particularly those linked to Iran.

Speaking on behalf of the administration of U.S. President Donald Trump, Bessent argued that economic sanctions are “instruments of peace” and a central pillar of modern security strategy. He urged allies, especially in Europe, the Middle East, and Asia, to intensify efforts to dismantle shell companies, shadow banking systems, and proxy networks allegedly used to fund militant activity.

Bessent highlighted Iran as a primary target of U.S. financial pressure, claiming that Washington’s “Economic Fury” campaign has significantly disrupted the country’s oil revenues, cryptocurrency holdings, and illicit financial flows. He also pointed to broader threats, including the Iran-backed militant group, Hezbollah.

“Flexible Economic Warfare”

The Treasury Secretary outlined a shift in U.S. sanctions policy, emphasizing modernization and flexibility in response to evolving financial evasion tactics. He said the department is reviewing older sanctions designations to ensure they remain effective and do not produce unintended long-term consequences.

According to Bessent, future sanctions will be “aggressive and targeted,” designed to achieve specific behavioral outcomes rather than remain indefinitely in place. He argued that outdated measures risk losing impact and should be adjusted or removed when necessary.

Bessent cited recent U.S. actions in countries such as Syria and Venezuela as examples of a more adaptive sanctions approach. 

Closing his remarks, Bessent called on global governments to move beyond rhetoric and take concrete action against terrorist financing, stressing that sustained cooperation is essential to denying extremist groups access to the global financial system.