Victims of state-sponsored terrorism are to share a pot of $940M, according to the Justice Department.
U.S. Victims of State-Sponsored Terrorism Fund receives deposits from some of the most high-profile domestic fraud and terrorism cases.
The distribution of the funds is set to be completed by Jan. 1, 2025, under the careful oversight of special master Mary Patrice Brown.
The Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), created by Congress, is overseen by the presiding Special Master.
Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division was proud of the work the fund continues to do. She said “The Criminal Division is proud to administer the U.S. Victims of State Sponsored Terrorism Fund, which has provided more than $6 billion to victims of state sponsored terrorism since its founding. As announced today, that total will grow to nearly $7 billion in 2025.”
U.S. Victims of State-Sponsored Terrorism Fund
The money is collected from federal enforcement actions such as the high-profile United States v. Binance Holdings Limited, which we reported on earlier this year.
Changpeng Zhao, the owner of Binance pleaded guilty to the charges held against him last year by the Justice Department, the Commodity Futures Trading Commission (CFTC), and the Treasury Department.
Zhao, in a move to settle his tab with government lawmakers, agreed to pay a staggering $50 m from his funds. Binance, on the other hand, would be hit with a massive settlement charge of nearly $5 billion.
The U.S. Victims of State-Sponsored Terrorism Fund uses some of the money gained through this kind of federal prosecution. According to the Justice Department, “Binance agreed to forfeit $898 million as a result of its violation of IEEPA. Today, the department announced that MLARS has determined that the full amount of Binance’s IEEPA forfeiture qualifies for deposit into the Fund.”
Argentieri concluded, “The Criminal Division, through our Money Laundering and Asset Recovery Section’s Bank Integrity Unit, is committed to prosecuting financial institutions and individuals whose anti-money laundering and sanctions violations threaten our financial system and national security. I’m proud of the work the section has done to hold accountable those who do business with state sponsors of terrorism and to support victims through its administration of the Fund.”
The fund continues to accept new applications from potential victims of state-sponsored terrorism via its website.
Image: Ideogram.
