Treasury Secretary Emphasizes Combatting Terrorist Financing

Treasury Secretary Scott Bessent discussed the Trump administration’s initiatives to counter terrorist financing during the No Money for Terrorism conference held in Paris, France, on Tuesday.

In his keynote address, Bessent urged U.S. partners to align with President Donald Trump and the United States in addressing the challenges posed by Iran.

Bessent highlighted a notable point: “Months before this conference kicked off in 2018, President Trump emphasized what the U.S. has long recognized: economic security equates to national security.” He mentioned that, during his second term, Trump has reinstated this principle at the core of American strategy. He noted that the nation’s economic approach now again mirrors military strength and efforts against various terrorism forms.

He went on to stress the importance of collaboration among countries in tackling terrorist financing, saying:

“The U.S. isn’t facing terrorism alone, especially from Iran. However, it often feels like we’re the only ones committed to stopping it. With President Trump reinvigorating this effort, defeating terrorism will require all of you to show courage and join us in dismantling financing structures—from shell companies in Europe to underground banking systems in the Middle East to drug cartels operating in the Western Hemisphere. Sanctions, at their core, are tools for peace, not aggression. They aim to change behaviors rather than isolate nations and peoples indefinitely.”

He further remarked: “If we genuinely advocate for ‘no money for terrorism,’ we must also demand ‘no excuses.’”

Bessent elaborated:

“The success of Economic Fury relies on an updated sanctions framework from the Treasury. As our adversaries evolve, we need to do the same. To enhance national security, we’re modernizing the sanctions program for today’s challenges. We’re examining outdated designations to ensure financial institutions can focus on complex terrorist financing and avoidance tactics. Sanctions shouldn’t drag on so long that they lead to unintended consequences. The optimal sanctions are proactive and precise, aimed at driving specific outcomes. They should motivate behavioral change, not merely punish citizens. If sanctions persist without encouraging real change, the long-term impacts can be unpredictable. The current sanctions enforced by the Treasury are closely monitored to meet their goals.”

Bessent emphasized the need for cooperation: “As the U.S. targets the financial networks supporting terrorist activities, your involvement reflects our readiness to collaborate fully. This includes European allies joining the U.S. in addressing Iran—identifying its financiers, exposing shell companies, shutting down bank branches, and dismantling its operations. People in the Middle East and Asia must take steps to eliminate Iran’s shadow banking system. To confront the variety of threats we face, from Hezbollah to the Sinaloa Cartel, global partners must respond decisively. As these threats transcend borders, our shared goals must transcend them as well.”

He concluded with a call to action: “Let’s collaborate to ensure the spirit of this conference results in lasting commitments. Peace isn’t just a feeling; it’s upheld by those who protect its foundations. And let’s make sure we deny our adversaries what they value most: that we, gathered here, remain vigilant longer than they do.”