Treasury Department (Treasury)
Headquartered in Washington, D.C.| Official Web site
The Treasury Department was created Sept. 2, 1789 (31 U.S.C. 301 and 301 note). Many subsequent acts have figured in the development of the department, delegating new duties to its charge and establishing the numerous bureaus and divisions that now comprise Treasury. The department performs four basic functions: formulating and recommending economic, financial, tax, and fiscal policies; serving as financial agent for the U.S. government; enforcing the law; and manufacturing coins and currency.
As a major policy adviser to the president, the secretary has primary responsibility for formulating and recommending domestic and international financial, economic and tax policy; participating in the formulation of broad fiscal policies that have general significance for the economy; and managing the public debt. The secretary also oversees the activities of the department in carrying out its major law enforcement responsibility; in serving as the financial agent for the U.S. government; and in manufacturing coins, currency and other products for customer agencies. The secretary also serves as the government's chief financial officer.
Treasury is one of 16 elements of the intelligence community (IC). Headed by an undersecretary, the Office of Terrorism and Financial Intelligence (TFI) marshals the Treasury Department's policy, enforcement, regulatory and intelligence functions to sever the lines of financial support to international terrorists, proliferators of weapons of mass destruction, narcotics traffickers, money launderers and other threats to U.S. national security.
Two components of TFI are led by assistant secretaries. The Office of Terrorist Financing and Financial Crimes (TFFC) is the policy and outreach apparatus for TFI. The Office of Intelligence and Analysis (OIA) is responsible for TFI's intelligence functions, integrating the Treasury Department into the larger IC, and providing support to both Treasury leadership and the IC. OIA was established by the Intelligence Authorization Act for fiscal 2004. The act specifies that OIA shall be responsible for the receipt, analysis, collation and dissemination of foreign intelligence and foreign counterintelligence information related to the operation and responsibilities of the Department of the Treasury.
TFI also oversees several component offices and bureaus. Responsible for administering the Bank Secrecy Act (BSA) and other regulatory functions is the Financial Crimes Enforcement Network (FinCEN). The Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions. The Treasury Executive Office of Asset Forfeiture (TEOAF) administers the Treasury Forfeiture Fund (TFF), which is the receipt account for the deposit of non-tax forfeitures. TFI also works in close partnership with the IRS Criminal Investigative Division (IRS-CI) to enforce laws against terrorist financing and money laundering, including the BSA.
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