The U.S. Treasury Department building in Washington, D.C.

A senior U.S. Treasury official warned about potential risks to international financial stability and economic security from any cross-border payments systems that fail to adhere to standards aimed at minimizing illicit activity.

While Brent Neiman, Treasury assistant secretary for international finance, didn’t specify any particular system that poses such a threat, his remarks come just weeks after leaders from the BRICS grouping (including Brazil, Russia, India, and China) signed a communique that included a call to work on an independent cross-border payments system aimed at bypassing Western platforms. “The United States must lead when it comes to cross-border payments, to maximize the chances that any new systems with significant international usage reach the quality and standards we prefer,” Neiman said in prepared remarks for delivery to a Federal Reserve Bank of New York conference Tuesday.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.