US Treasury Flags Risks From New Cross-Border Payments Systems

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.

“The United States must lead when it comes to cross-border payments to maximize the chances that any ...