Department of the Treasury, Under Secretary, Office of Terrorism and Financial Intelligence

Department/Agency: Department of the Treasury

Position:

Under Secretary, Office of Terrorism and Financial Intelligence

Executive Schedule: Executive Level III - Presidential Appointment with Senate Confirmation

Major Responsibilities:

Lead efforts to guard the U.S. financial system from illicit use by terrorists and their sympathizers
Combat rogue nations, drug kingpins, money launderers and other national security threats
Disrupt and dismantle financial networks used for criminal purposes
Address vulnerabilities in the U.S. financial system to abuse
Trace and repatriate assets looted by corrupt officials in countries such as Iraq, Liberia, and Haiti

Key Competencies and Preferred Qualifications:

Prosecutorial experience
Counterterrorism and intelligence expertise
Sophisticated background in finance and ability to identity and dismantle support networks for terrorists

Insight:

The Department of Treasury's Under Secretary for Terrorism and Financial Intelligence was created by the USA Patriot Act in response to the Sept. 11, 2001, terrorist attacks in the United States. The position is part of the department's new national security mission to counter terrorist threats to the U.S. and protect the international financial system from abuse. The under secretary is charged with identifying and ferreting out international terrorist activities that may be using the U.S. banking system to launder money for their operations. He or she is responsible for the Department's efforts to disrupt and dismantle the financial networks that support terrorist activities. He is also in charge of identifying ways that terrorists may try surreptitiously to use the U.S. financial system to finance attempts to secure weapons of mass destruction.

Stuart A. Levey was confirmed as the first Under Secretary for Terrorism and Financial Intelligence on July 21, 2004. He also oversees the Office of Terrorist Finance and Financial Crime (TFFC), the Office of Intelligence and Analysis (OIA) ,the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Treasury Executive Office of Asset Forfeiture (TEOAF).

Under his leadership, Treasury has taken aggressive action to isolate Iran; moved against a German-based financier who provided financial support to al-Qaida in Iraq, and deal with Somali terrorists and a charitable organization created by Hamas to transfer funds to finance illegal activities. In these cases, assets were frozen and Americans were prohibited from engaging in any transactions with these organizations or individuals. Levey also has played a central role in the Bush administration's efforts to use financial pressures to stop nuclear proliferation efforts by North Korea and terrorism finance by Iran.

At his confirmation hearing in May 2004, Levey described the meetings he attends daily with the attorney general, deputy attorney general, FBI director and others to review "what has happened in the last 24 hours in the war on terror." He said, "Even after doing this for so many months, I still find it chilling every morning to hear about people who spend every waking hour trying to figure out how they can kill as many innocent people as possible."

Levey told the American Enterprise Institute in September 2006 that the United States is not alone in harnessing its finance ministry for the fight against terrorists. "Counterterrorism and security policy has traditionally been the province of foreign affairs, defense, intelligence, and law enforcement officials - not Finance Ministers. But finance ministries worldwide are now working closely with the traditional security ministries to meet the government's first responsibility: ensuring the safety of its citizens," he said. "Promoting a safe, sound, and secure financial system will enable us to work toward that end."

Levey has said Treasury shares information with foreign governments about Iran and how it is using its banks to finance its nuclear and missile programs and terrorist groups. As a result of Treasury's actions, many private financial institutions and companies worldwide have shunned business with Iran because of its terrorist-related activities.

The New York Times Magazine profiled Levey in a recent article, "Stuart Levey's War." Journalist Robin Wright said that since 1979, "five presidents have failed to influence, engage or outwit Iran," including President George W. Bush who called it part of an "axis of evil." But none of the U.S. efforts has produced much change in Iran, Wright said. "In short, each American administration since 1979 has been driven to such distraction by Iran that it has had to continually revise its own policies. Can a new president do better? He will inherit few effective tools. Diplomacy is, at the moment, going nowhere."

After Iran test fired nine missiles in July 2008, then-presidential candidate Barack Obama called Iran "a great threat" and called for tighter sanctions. Now, his choice for this under secretary of treasury will bear the responsibility for leading those efforts, and carrying on his predecessor's war.

Key Relationships – Within the Government:

Secretary and Deputy Secretary of the Treasury
Director, Financial Crime Enforcement Network
Deputy Secretary of the State Department
Deputy Secretary of Homeland Security
Deputy and Associate Attorney General
National Security Council
Deputy Director, Federal Bureau of Investigation
Deputy Director, Central Intelligence Agency
National Counterterrorism Center

Key Relationships – Outside the Government:

International Police Organization (INTERPOL)
Foreign government counterparts
Asia/Pacific Group on Money Laundering and other international money laundering task forces

Nomination Referred to:

Senate Finance Committee

Current Position Profile:

1. Stuart Levey, J.D. (Confirmed 2004) Formerly principal associate deputy attorney general responsible for coordinating counterterrorism investigations, intelligence collection and prosecutions. Former Senate counsel to Sen. John Danforth (R-MO). Expert on white collar crime.