The U.S. Treasury Department said Thursday it is looking whether more regulations are needed to prevent money laundering and illicit finance.

Closing legal and regulatory gaps is a top priority, FinCEN said.

WHY IT IS IMPORTANT

Scrutiny of illicit and terrorism financing has mounted in the aftermath of the Oct. 7 Hamas attack on Israel and Russia's invasion into Ukraine.

THE CONTEXT

FinCEN this year has proposed new rules for investment firms and real estate professionals to better monitor potential money laundering. It is part of a broader effort under President Joe Biden to crack down on illicit finance.

KEY QUOTE

"In this critical moment for our national and economic security, we need to continue to close the pathways that illicit actors seek to exploit for their schemes," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.