US Treasury Flags Risks From New Cross-Border Payments Systems
- Treasury assistant secretary Neiman makes remarks in New York
- Speech comes as BRICS work on independent payments system
The US Treasury Department building in Washington, DC.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
A senior US 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 posed such a threat, his remarks come just weeks after leaders from the BRICS grouping signed a communique that included a call to work on an independent cross-border payments system aimed at bypassing Western platforms.