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Money Laundering Research Related to Terrorist Financing Topics Old Laundering Methods Hold Fast Cash smuggling and trade-based money laundering continue to be favourites with money launderers and now even terrorist financiers. Rohan Bedi
Terrorism Financing and Financial System Vulnerabilities: Issues and Challenges Terrorist activities require access to funds at all stages of planning preceding an attack. This paper reviews the fraudulent acquisition of funds by terrorists and the potential vulnerabilities of our financial system. Yiagadeesen Samy
Offshore Banking, Corruption, and the War on Terrorism Hearing before the subcommittee on oversight and investigations of the Committee on International Relations - United States House of Representatives
U.S. and International Responses to Terrorist Financing According to one well-informed observer, the U.S. effort to combat terrorists’ access to financial resources has been dubbed "the most successful part" of the global community’s counterterrorism strategy since the Al Qaida September 11, 2001 attacks on the United States. This longevity of this success, I argue, hinges on the United States’ ability to continue to frame the nascent pre-9/11 international anti-money laundering regime as a counter-terrorist financing regime. The international norms and practices that make up the new counter-terrorist financing (CTF) frame have rapidly spread in the past three years. However the ultimate effectiveness, measured in terms of implementation and enforcement, of the new CTF regime depends on states’ redefinition of their national interests to include combating terrorist finance. Anne L. Clunan
Detecting Terrorist Financing Money to fund terrorist activities moves through the world’s financial system via wire transfers and in and out of personal and business checking accounts. It can sit in the accounts of illegitimate charities and be laundered through buying and selling securities and other commodities, or purchasing and cashing out insurance policies. Mark Moorman
The Financial War on Terrorism - A Guide by the Financial Action Task Force In October 2001, the Financial Action Task Force (FATF) adopted eight special recommendations on terrorist fiancing which set up the key legislative and regulatory steps that countries need to put in place to stop the financing of terrorism. Since then, the FATF has become the world's most important standard setter in the fight against terrorist financing, and has worked to provide international awareness and co-operation in this regard.
Deterring Donors: Anti-Terrorist Financing Rules and American Philanthropy Current efforts in the United States to increase monitoring and tighten control over philanthropic contributions made to organizations outside the United States are part of a larger effort to curtail the flow of funds to known or suspected terrorist organizations. The policy goal of disrupting the flow of funds to terrorist organizations and "protecting legitimate charities from being abused by terrorists" is included in the National Security Strategy of the United States released in September 2002, and is being implemented through the National Security Council’s Policy Coordinating Committee on Terrorist Financing. Barnett F. Baron
International Terrorism Financing Conventional acts of terror may not cost much. However, many of the most feared forms of terrorism, the socalled weapons of mass destruction - biological, chemical and nuclear - can be very expensive to produce and deliver. For example, Aum Shinrikyo, a Japanese cult, put about 30 people and an estimated $30m into producing the chemical Sarin that was released in the Tokyo subway in 1995. It is for this end that the terrorist organizations devise methods of financing the terror networks. KK Attri
Global Financial Information, Compliance Incentives and Terrorist Funding Interdiction of terrorist funds is a priority for intergovernmental cooperation. However, multilateral and unilateral attempts to ensure timely reporting of transactions made by targeted individuals or groups, and to deny them access to the international financial system, have had limited success. This is mainly due to economic disincentives for the disclosure of the identity and purpose of transacting agents, particularly those using correspondent banking services, informal money transfer networks (MTNs) and offshore financial centres (OFCs). This paper proposes that solutions should be based on positive incentives for disclosure, and could include trans-border withholding taxes on transactions with unregulated clients and the provision of affordable transfer systems for emigrants. Valpy FitzGerald
Terrorist Financing: The "fog of war" has long befuddled military and political leaders. Of all the battlefronts in today’s war on terrorism, few are as "foggy" as efforts to combat terrorist financing. Even to those in the midst of the campaign, uncertainty often colors the most fundamental question: Are we winning or losing the battle? Muarice R. Greenberg, Chair
Disrupting the Financing of Terrorism The fight against terrorism has two broad economic components. The first is essentially positive, involving the stimuli needed to invigorate the U.S. economy. The appropriate actions for this aspect of economic policy are aggressive monetary and fiscal measures to counteract the sluggish demand that was evident even before September 11 and was aggravated after that day’s carnage. Elements of this positive economic aspect are covered in Murray Weidenbaum’s article in this issue. The second element is preventive cutting off, or at least reducing, the financing that makes terrorism possible. Some efforts against this financing were in place before September 11, but they clearly were inadequate and ultimately unsuccessful, as we learned to our dismay. Sidney Weintraub
Terrorism’s Money Trail “Follow the money” is a classic technique for chasing criminals. It can be used as a sharp instrument to pry evidence from a bank account or a blunt one to seize assets on the orders of a prosecutor. Al Capone was put away for paying no income taxes because nothing worse could be proven against him. Evidence of disguising the profits of crime by laundering them into legally held bank accounts, businesses, and real estate has helped corroborate the testimony of turncoats that destroyed most of the mafia’s muscle. Can tough money-laundering laws take down terrorists? They will probably help, in the same way that less stringent laws have slowed the drug trade by making it less profitable—though they certainly have not stopped it. Lawrence Malkin and Yuval Elizur
Money Supply for Terrorism - The Hidden Financial Flows of Islamic Terrorist Organisations Since the disastrous terror activities in the United States on September 11, 2001 international and especially Islamic terror organizations have gained great attention all over the world. These terrorist activities had a great economic and political impact and such activities could not have been undertaken without an appropriate and well-functioning financing system of such organisations. Hence, it is the goal of this paper to provide some preliminary results about the financial flows of international (mainly Islamic) terrorist groups. Also an attempt is made to try a rudimentary economic analysis how these organisations “raise” their financial means. Finally some countermeasures are developed, how these financial flows can be reduced or even stopped.
Follow the Money: Tracing Terrorist Assets The attacks of September 11th, 2001, opened a new era in American interaction with the world abroad, and raised novel challenges for the US government. There are naturally many facets of the war on terror: military, political, and economic. This paper focuses on the financial, and specifically regulatory, responses that have been made necessary. Adequate financial resources have been shown to be as vital to terrorist operations as training camps, highly motivated individuals, and ruthless leadership. Any means that weakens the financial structure supporting terrorist activities, whether in the United States or abroad, must inevitably represent an advance for American policy. James Gillespie
Dirty Money The attacks of September 11th, 2001, opened a new era in American interaction with the world abroad, and raised novel challenges for the US government. There are naturally many facets of the war on terror: military, political, and economic. This paper focuses on the financial, and specifically regulatory, responses that have been made necessary. Adequate financial resources have been shown to be as vital to terrorist operations as training camps, highly motivated individuals, and ruthless leadership. Any means that weakens the financial structure supporting terrorist activities, whether in the United States or abroad, must inevitably represent an advance for American policy. Miriam Wasserman
Follow the Money: Tracing Terrorist Assets The attacks of September 11th, 2001, opened a new era in American interaction with the world abroad, and raised novel challenges for the US government. There are naturally many facets of the war on terror: military, political, and economic. This paper focuses on the financial, and specifically regulatory, responses that have been made necessary. Adequate financial resources have been shown to be as vital to terrorist operations as training camps, highly motivated individuals, and ruthless leadership. Any means that weakens the financial structure supporting terrorist activities, whether in the United States or abroad, must inevitably represent an advance for American policy. James Gillespie
Patriot Act Oversight: Investigating Patterns of Terrorist Financing Hearing Before the Subcommittee on Oversight and Investigations of the Committee on Financial Services - U.S. House of Representatives U.S. House of Representatives
Countering Terrorism through International Cooperation The contributions in this volume are the presented and submitted papers of an international conference held between 22 and 24 September 2000 in Courmayeur,Aosta, Italy. This conference, ‘Countering Terrorism Through Enhanced International Cooperation’, was attended by 180 participants from government, law enforcement, intelligence, professional organisations, academia and inter-governmental and nongovernmental organisations. The gathering of experts was convened by ISPAC - the International Scientific and Professional Advisory Council of the United Nations Criminal Justice System - and organised jointly with the Terrorism Prevention Branch of the United Nations. Alex P. Schmid (Editor)
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