Since the 2018 National Proliferation Financing Risk Assessment (NPFRA), the United States has seen continued efforts by proliferation financing (PF) networks to exploit the U.S. financial system to raise and move revenue and procure goods for their weapons of mass destruction (WMD) programs. Based on a review of the relevant data since 2018, the following trends have marked the PF context for the United States:

• The size of the U.S. financial system, the centrality of the U.S. dollar in the payment infrastructure supporting global trade, and the role of U.S. manufacturers in the production of proliferation-related technology (including dual-use items) continue to make the United States a target of exploitation by PF networks.
• The Democratic People’s Republic of Korea (DPRK), followed by Iran, continues to pose the most significant PF threats for the United States, and the United States has prioritized preventing PF networks linked to those governments from exploiting the U.S. financial system. Since the 2018 NPFRA, China and, to a lesser extent, Russia continue to engage in PF activities by expanding their eforts to acquire U.S.-origin goods in violation of relevant export control laws.

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